WaMu scales back lending operations

Washington Mutual told employees Monday that it will exit the wholesale lending business and close home-loan centers nationwide.

Washington Mutual, the nation's largest savings-and-loan association, is taking those steps to focus on delivering home-lending products to customers through banking stores and online, a WaMu spokesperson said.

Sara Gaugl, WaMu spokesperson, told CNN that the bank will no longer work with third party brokers. She said WaMu also will close its remaining stand-alone Home Loan Centers.

Gaugl said the company has not posted specific information about how many stores and employees will be affected.

Read Full Article from CNNMoney.com

- Posted: 2008-04-08 08:52:32

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