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|WaMu Response from David Schneider, President, Home Loans, Regarding Proposal Aimed at Keeping Borrowers in their Homes|
SEATTLE--(BUSINESS WIRE)--Dec. 6, 2007--As a key member of HOPE NOW, WaMu (NYSE: WM) has worked very closely with the Treasury and the American Securitization Forum to develop what we believe is a positive step for borrowers who are unable to handle an increase in their monthly payment. In addition, this proposal establishes a new set of industry best practices making it easier for servicers to modify loans under the existing agreements. WaMu is in the process of implementing the fast-track modification process and expects to have it operational over the coming weeks.
Our firm belief is that early intervention combined with expanded options is instrumental to helping our customers find ways they can overcome financial obstacles to keep their home. We view foreclosure as a last resort and encourage our customers to contact us as soon as they anticipate difficulty in making payments on their mortgage so that we can discuss their various options.
We look forward to continuing our work with the Administration, Congress, state and local officials, our trade groups and community partners to stabilize the housing market and support efforts that will help customers maintain home ownership.
WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At Sept. 30, 2007, WaMu and its subsidiaries had assets of $330.1 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate approximately 2,700 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com.CONTACT: WaMu Media Contacts:
Alan Gulick, 206-500-2760
Sara Gaugl, 206-500-2822