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ADVISORY/Washington Mutual and Earvin 'Magic' Johnson to Introduce Urban Homeownership Initiative in Houston Thursday

HOUSTON--(BUSINESS WIRE)--April 28, 2005--

Earvin "Magic" Johnson On-Hand to Open Home Loan Center

                     for Urban Ethnic Communities

WHAT:   Washington Mutual (NYSE:WM) and Earvin "Magic" Johnson,
        Chairman and CEO of Johnson Development Corporation (JDC) are
        teaming up to kick-off a new phase in their ground breaking
        commitment to increase homeownership in the nation's
        underserved communities, and celebrate the grand opening of
        three new home loan centers and a loan processing center in
        Houston 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 through the
        addition of new home loan centers in urban neighborhoods
        nationwide, and the introduction of a free, four-part
        financial education and credit building program, Solid
        Start(TM).

WHEN:   Thursday, April 28, 2005, beginning promptly at 11:00 a.m.

WHERE:  Washington Mutual Northline Home Loan Center
        4400 North Freeway, Suite 300C

WHO:    Washington Mutual, in partnership with Johnson Development
        Corporation.

WHY:    In 2003, JDC and Washington Mutual began a partnership to help
        people in underserved communities realize the dream of home
        ownership. They have opened 18 home loan centers together in
        New York City, Washington, D.C., Atlanta, Chicago, Los Angeles
        and the Bay Area and will open 9 more home loan centers in
        2005, including centers in Miami; Chicago; Newark, N.J.;
        Rialto, Calif. and those opening in Houston.  The new Houston
        home loan centers are located in the heart of the underserved
        communities that need them most, and are staffed by
        multi-lingual members of those communities.

         Photo opportunities and media interviews are welcomed

    CONTACT: Washington Mutual
             Missy Cousino, 713-594-9332

    SOURCE: Washington Mutual