Investors have brought several high-flying West Coast thrifts down to earth amid growing fears that a surging refinancing boom will deplete adjustable-rate mortgage portfolios.

Shares of three big West Coast thrifts with large ARM portfolios — Washington Mutual Inc. of Seattle, Golden West Financial of Oakland, and Golden State Bancorp of San Francisco — have tumbled an average of 20% since late December as declining interest rates have threatened to set off a consumer stampede into fixed-rate loans.

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