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|WaMu Announces Move of Future Long Beach Mortgage Loan Securitizations to WAAC Shelf Registration|
SEATTLE--(BUSINESS WIRE)--Jan. 8, 2007--Washington Mutual (WaMu) will securitize subprime mortgage loans originated by its Long Beach Mortgage division using a different shelf registration in 2007. Beginning with its first transaction in 2007, WaMu will securitize all loans originated through its Long Beach Mortgage division using the WaMu Asset Acceptance Corp. shelf registration, which is also used for WaMu's prime, Alt A conduit and subprime conduit securitizations. The new trusts will be designated "WaMu Asset-Backed Certificates, WaMu Series 200X-HEX Trust." The name "Long Beach Mortgage Loan Trust" will no longer be used with respect to new securitizations.
Washington Mutual believes the new name reflects the many positive changes made to its broker-sourced business model throughout 2006, according to Doug Potolsky, Washington Mutual's Senior Vice President of Subprime Capital Markets. "We've made many changes in LBMC's business model and operations beginning when we consolidated its operations into WaMu and this is a logical next step. For these reasons, we feel it is appropriate to brand our Long Beach Mortgage securitized product offerings as Washington Mutual product offerings."
The first transaction using the new name is expected to close in January and will use the ticker name WAMU 2007-HE1. The legal entities are shown below.
Sponsor: Washington Mutual Bank, which originates the loans through its Long Beach Mortgage division and sells them into the securitization. Depositor: WaMu Asset Acceptance Corp., which acquires the loans from WMB and deposits them with the securitization trust. Securitization Trust: WaMu Asset-Backed Certificates, WaMu Series 2007-HE1 Trust, which holds the loans and issues the certificates.
About Washington Mutual
Washington Mutual, through its subsidiaries, is one of the nation's leading consumer and small business banks. At September 30, 2006, Washington Mutual and its subsidiaries had assets of $348.88 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation. Washington Mutual's press releases are available at http://newsroom.wamu.com.
CONTACT: Washington Mutual, Inc. Henry Engelken, 212-702-6965 SOURCE: Washington Mutual, Inc.