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Washington Mutual and Johnson Development Corporation Bring the ``Magic'' of Home Ownership to the Inland Empire
    RIALTO, Calif.--(BUSINESS WIRE)--July 7, 2005--

     Earvin "Magic" Johnson and Congressman Joe Baca in Rialto to
    Introduce Education Program to Increase Home Ownership in Urban
    Ethnic Communities; Celebrate Grand Opening of Home Loan Center

Washington Mutual (NYSE:WM) is furthering its partnership with Earvin "Magic" Johnson, Chairman and CEO of Johnson Development Corporation (JDC) by kicking-off a new phase in their groundbreaking commitment to increase homeownership in the nation's underserved communities, and celebrating the grand opening of a new home loan center in the Inland Empire city of Rialto today.

For the first time in history, Johnson's dedication to improving the quality of life for families in urban areas is expanding beyond African Americans to bring home ownership to members of the Hispanic and Asian communities. In addition to opening new home loan centers in urban neighborhoods nationwide, Washington Mutual and JDC continue their mission to help people in these communities build wealth, achieve their financial goals and realize the dream of home ownership through the introduction of a free, four-part financial education and credit building program, Solid Start(TM).

The innovative Solid Start program, available in English and Spanish, takes 12 to 18 months to complete and pairs perspective homeowners with a Washington Mutual home loan consultant who guides them through courses on banking basics, home buying education, purchasing a home and loan maintenance. Upon completion of the comprehensive and individualized coursework, the prospective homebuyer is expected to be in a good position to be approved for their first home loan.

As part of the special grand opening and Solid Start launch announcements today, Thursday, July 7, at 11 a.m. PST, Johnson, Benson Porter, Washington Mutual's chief administrative officer, U.S. Congressman Joe Baca; Rialto Mayor Grace Vargas and other local city and community leaders will appear at the new Rialto home loan center located at 1154 North Riverside Avenue. JDC and Washington Mutual executives will discuss their unique partnership at the day-long event, which will also include a ribbon-cutting ceremony and a community open house.

Today's event will mark the fourth Washington Mutual/JDC home loan center to open in diverse neighborhoods of Los Angeles and the Inland Empire. In January 2004, Washington Mutual and Johnson opened a home loan center and loan processing center in Baldwin Hills at 4401 Crenshaw Avenue, along with home loan centers in Chesterfield Square at 1810 West Slauson Avenue and Ladera Heights at 4937 West Slauson Avenue.

Beginning in 2003, Washington Mutual and JDC have opened 22 home loan centers together in New York City, Washington, D.C., Atlanta, Chicago, Los Angeles, the Bay Area and Houston. This year, a total of five more home loan centers will open across the country, including centers in Miami; Newark, N.J.; and the center opening today in Rialto, Calif.

"The Johnson Development Corporation is excited to be part of the Inland Empire community and to share our passion for educating people about how they can become homeowners," Johnson said. "This partnership could not be successful without Washington Mutual's commitment to put home loan centers in the communities that need them most."

Johnson said the joint effort is also about building communities. "This is one of four JDC/Washington Mutual home loan centers now located in areas of Los Angeles and the Inland Empire and we are proud that each is located in such diverse neighborhoods." He added: "Economic growth is the key to solving many problems faced by minority community residents, and by joining forces with Washington Mutual, we hope to help rebuild urban communities, stimulate local economies, and bring much needed services to residents."

"Washington Mutual and JDC share a commitment to address the financial needs of consumers and small-business owners of diverse ethnic backgrounds, as well as those in the low- to moderate-income population," said Porter. "Together, I know that we will develop long-term relationships that will bring new opportunity and positive change to our communities."

For more than 100 years, Washington Mutual has helped stabilize neighborhoods to make them better places to live, work and raise families. This commitment to urban America includes affordable lending programs and products that increase accessibility, while furthering the company's expansion into urban areas with new home loan centers. The home loan center staff will:

    --  Be hired from the local community;

    --  Work with non-profits and government agencies to develop
        programs to benefit local residents;

    --  Offer financial education and credit building support through
        the free, four-part Solid Start(TM) program, including
        sections on banking basics, home buying education, purchasing
        a home and loan maintenance;

    --  Offer a set of products to local residents to increase home
        ownership opportunities;

    --  Be supported by co-branded, multi-lingual marketing materials
        and joint advertising campaigns developed to increase
        awareness of home ownership opportunities and foster trust and
        understanding in local communities.

The new home loan center aims to put potential homeowners at ease with a diverse and friendly staff. Loan consultants will offer highly personalized service by explaining the flexible and affordable options available to clients while guiding them through the process of buying a home.

About Johnson Development Corporation

JDC, a company formed in 1994 by Johnson, is comprised of five separate companies, each functioning independently to serve as a business stimulus, foster local economic growth and create financial empowerment in long neglected minority urban and suburban neighborhoods. JDC develops entertainment complexes, restaurants and retail centers. The development projects provide jobs and employ local minority contractors in the communities in which they operate.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At March 31, 2005, Washington Mutual and its subsidiaries had assets of $319.70 billion. Washington Mutual currently operates more than 2,400 retail banking, mortgage lending, commercial banking and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.


    CONTACT: Washington Mutual
             Missy Cousino, 713-543-3113
             713-594-9332 (cell)
             missy.cousino@wamu.net
              or
             Magic Johnson Enterprises
             Mark Scoggins, 310-925-9862 (cell)
             marks@magicjent.com

    SOURCE: Washington Mutual