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: WaMu Asset-Backed Certificates, WaMu Series
2007-HE1 Trust, which holds the loans and issues
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.