SAN FRANCISCO -- First Nationwide Financial Corp., Ford Motor Co.'s thrift subsidiary, reported an $18 million loss for its second quarter on Tuesday. In the year-earlier quarter, it had a deficit of $7 million.
In the first six months of 1993, the San Francisco-based thrift company lost $35 million.
First Nationwide, which has $17.3 billion of assets, said its most recent deficit resulted from writedowns on real estate development loans and losses on mortgage derivative securities purchased as interest rate hedges.
The company said its main operating unit, First Nationwide Bank, earned $16 million in the second quarter thanks to sharply lower operating costs and the transfer of some nonperforming assets to the holding company.