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
"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
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
CONTACT: Washington Mutual
P. Kevin Horn, 206/377-3268 (Media)
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