Seattle-based Washington Mutual Inc. reported a fourth-quarter net loss of $1.87 billion, or $2.19 per share, due to the plunging mortgage market, the Puget Sound Business Journal reported.

A year earlier, the savings and loan holding company reported a net income of $186 million, or 20 cents per share.

The company attributed the loss to a $1.6 billion after-tax charge related to writing down the value of its home loan business and to set increased loan-loss provisions “stemming from the housing market weakness.”

For fiscal the full year, Washington Mutual reported a loss of $67 million, or 12 cents per share. Analysts polled by Thomson Financial Network expected a fourth-quarter loss of $1.36 per share and annual income of 59 cents per share.

CEO Kerry Killinger said a series of moves announced in December, such as cutting 3,000 jobs and reducing the company’s dividend, were able to “fortify WaMu’s strong capital and liquidity position.”

Killinger pointed to highlights including the company’s retail bank division, which he said opened more than 1.1 million net new checking accounts for the year, with plans to open another 1 million accounts in 2008.