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WASHINGTON - Surging mortgage defaults whacked U.S. banks and thrifts in the second quarter. Profits fell 3.4 percent to $36.7 billion, and reserves to cover loan losses soared 75 percent from a year ago, regulators said Wednesday. Results for the nation’s financial institutions from the Federal Deposit Insurance Corp. showed that higher expenses for non-current loans, along with lower interest from investments, hurt profits in the April-June period. More…