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Posted AT 9:00 AM EST on 27/07/08

Economic woes hit U.S. credit card business

JONATHAN STEMPEL

Reuters

NEW YORK — Even as Washington Mutual Inc. lost billions of dollars from risky mortgages, the largest U.S. savings and loan could rely on its credit card business to turn a profit. No longer. The thrift's $175-million (U.S.) second-quarter loss from its card unit stemmed from higher delinquencies and an inability to sell some card debt to investors because of illiquid markets.

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