WAMU To Close Wholesale Mortgage, Morph Retail Mortgage into Branch Banking

WAMU is another casuality from the Sub Prime Crisis.  I really am sorry to see wholesale go and retail downsize.  In a statement from WAMU, "We will conduct our mortgage production business through our retail banking stores and our consumer-direct channels, which includes telephone and online sales."  I know there will be a lot of good peope, families, and communities affected.  I wish them the best. 

In a post by Richard Shaw, QVM Group LLC, dated April 8th, 2008, concerning WAMU Shareholder:  We believe that executives at Washington Mutual don't do right by their shareholders. They made bad business decisions by loading up on subprime loans. ... Then they modified executive bonus plans ... Then they cut the dividend to shareholders ... please read the whole post at - QVM Group

Currently, the senate is looking into whole sale and Broker side of the mortgage business with respect to the sub prime crisis and how to regulate going forward.  We should be seeing a lot of changes in this business in the coming year.  AJ

You can find AJ Nisen on Active Rain at Contra Costa California Mortgages.  Call AJ to talk about Mortgage Rates, Free Credit Report or visit AJ's website to use his mortgage calculator. 

Alan 'AJ' Nisen
Mortgage Loan Officer
Email: aj.nisen@bankofamerica.com
http://mortgage.bankofamerica.com/ajnisen 
http://www.activerain.com/ajn