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E*Trade Exits Retail Mortgage Origination 

May 12, 2008By

E*Trade Financial [stock ETFC][/stock] said in a filing with the Securities and Exchange Commission late Friday that it had exited the retail mortgage origination channel in April 2008, amid continuing troubles with U.S. mortgages — and mounting losses at the financial services brokerage. On April 17, the company reported a $91.2 million loss for the first quarter as it boosted losses for the mortgages still on its books.