The Wall Street Journal is reporting today that the rumors are confirmed, Washington Mutual (WaMu) is closing all 186 of it’s loan centers and laying of 3,000 employees. They will continue to offer loans, but intend to focus on it’s 2,500 banks and small business lending offices.
They sent an email to brokers yesterday letting them know of the exit.
The WSJ is also reporting that WaMu is receiving a $7 billion infusion.
As the market continues to shift and adjust it is important to stay on top of these events.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.