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Washington Mutual's Multi-Family Lending Continues Expansion Eastward

SEATTLE--(BUSINESS WIRE)--Oct. 8, 2003--In a move to further reinforce its ranking as the nation's top multi-family lender, Washington Mutual, Inc. (NYSE:WM) today announced it will open three new Multi-Family Lending offices by the end of 2003 -- in Boston, Miami and Washington, DC.

"We are excited to bring to the East Coast the same breadth of products, speed, favorable pricing and friendly service that helped firmly establish us as the top ranked multi-family lender on the West Coast," said Al Brooks, executive vice president and division executive of Washington Mutual's Multi-Family Lending.

"Having experienced local apartment experts enables us to rapidly grow our business. As a result, we plan to hire loan consultants, underwriters, appraisers and closers in each of our new markets," said Brooks.

The new office openings are Washington Mutual's latest move to boost its multi-family lending presence in the East. Last fall, the bank opened a Multi-Family Lending office in New York City, which generated $450 million in applications and more than $70 million in closed loans during the first 120 days the office was opened. By the end of second quarter 2003, the company closed over $300 million in loans for properties in the New York/New Jersey area.

Additionally, Washington Mutual recently hired Jim Whitehouse as senior vice president and Eastern region manager to oversee the bank's multi-family lending activities in the East. Whitehouse joined Washington Mutual from GreenPoint Mortgage where he was the Northeast regional sales director in charge of the retail mortgage division.

The company currently has Multi-Family Lending offices in Los Angeles, Orange County, San Diego, Sacramento, San Francisco, Oakland, Portland, Seattle, Denver, Minneapolis, Chicago and New York.

About Washington Mutual

Washington Mutual is the leading multi-family lender in the country(1) and ranks third in commercial mortgage lending(2). Originating more than $4.4 billion in loans for some 4,100 properties in 2002, the company ranks as the number one multi-family loan originator in Seattle, Portland, Sacramento, Los Angeles, San Francisco, Oakland, Orange County and San Diego. An approved Fannie Mae and Freddie Mac lender, Washington Mutual Multi-Family Lending offers a full array of products including construction, rehab, fixed-, adjustable- and hybrid-rate financing, coupled with the ability to execute portfolio or commercial mortgage backed securities (CMBS) loans.

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 small businesses. At June 30, 2003, Washington Mutual and its subsidiaries had assets of $283.20 billion. Washington Mutual currently operates more than 2,650 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at

(1) 2001 HMDA ranking

(2) Source: National Mortgage News, Feb. 3, 2003, 3rd Qtr. 2002 volume

    CONTACT: Washington Mutual
             Lotus Lou, 206-377-8178

    SOURCE: Washington Mutual