Glendale Federal Bank is dumping its entire $1.8 billion portfolio of derivative mortgage investments at an after-tax loss of $30 million, the company announced Monday.

Glenfed said the move was prompted by an accounting rule change that gives thrifts until yearend to calculate holdings in their portfolios as being available for sale. Until now, the thrifts had considered the securities long-term investments that they would hold until maturity.

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