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APR 22, 2008 1:00am ET

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1Q EARNINGS

More Construction Losses at West Coast

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West Coast Bancorp in Lake Oswego, Ore., said Monday that 1Q earnings fell 75% from a year earlier, to $2M, as losses in its residential construction loan portfolio ...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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