The nation's largest thrift says it intends to shrink its assets by as much as 40% in the next five years in a bid to increase profitability.

Charles Rinehart, chief executive of Home Savings of America, says the thrift's asset portfolio, now about $50 billion, could be as small as $30 billion by 2001, including its new consumer loans. That means home loans, the traditional bread and butter of thrifts, will take the brunt of the reduction.

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