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Washington Mutual Establishes Institutional Broker-Dealer -- WaMu Capital Corp.
SEATTLE, Jul 1, 2002 (BUSINESS WIRE) --

New broker-dealer will assist Washington Mutual, Inc. by distributing
                     mortgage related securities
Washington Mutual, Inc. (NYSE:WM) today announced that its subsidiary, WaMu Capital Corp., has become a registered institutional broker-dealer.

When the new firm commences business, WaMu Capital Corp.'s focus will include distributing mortgage related securities, fixed income securities and facilitating the distribution of whole loan packages within the institutional market. WaMu Capital Corp. will work closely with Washington Mutual and its affiliates.

"The establishment of WaMu Capital Corp. complements Washington Mutual's relationship with Wall Street and will help diversify the distribution of our mortgage products," said Marito Domingo, executive vice president of Capital Markets for the Home Loans & Insurance Services Group at Washington Mutual. "WaMu Capital Corp. will help develop better information flow with investors for mortgage products, which will facilitate the development of superior products and more competitive pricing."

Tim Maimone, a mortgage securities industry veteran with more than 26 years of industry experience, is president of WaMu Capital Corp. Todd Kaufman, who joined Washington Mutual in February 2000, has been named national sales manager and managing director for WaMu Capital Corp. Kaufman, who will be responsible for building the WaMu Capital Corp. sales team, brings 12 years of capital markets sales experience from PaineWebber Inc., where he managed the Western Region Capital Markets unit.

"WaMu Capital Corp. will give institutional investors better access to Washington Mutual's diverse mortgage pipeline," said Maimone. "Working with Washington Mutual gives us distinct flexibility in creating customized pools of mortgage loans or mortgage-backed securities tailored to investors' needs, including products that are Community Reinvestment Act (CRA) eligible, state or region specific, with specified prime, ALT-A, sub-prime, or low loan balance loans compositions."

In the first quarter of 2002, Washington Mutual acquired the parent of the former of North American Mortgage Corp. and selected assets of HomeSide Lending, Inc., which further strengthened Washington Mutual's national leadership in residential mortgage origination and servicing.

    About Washington Mutual
With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. As of March 31, 2002, Washington Mutual and its subsidiaries had assets of $275.22 billion. Washington Mutual currently operates more than 2,400 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.

CONTACT:          Washington Mutual
                  P. Kevin Horn, 206/377-3268 (Media)
                  kevin.horn@wamu.net

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