National Mortgage News is reporting that Washington Mutual will shutter its entire warehouse lending division. According to the NMN story, a spokesperson confirmed the move late this afternoon and said the warehouse group is in a “wind-down phase” and that WaMu employees “just received the news themselves.” No formal press statement was available on WaMu’s Web site, but I’d expect one soon. WaMu CEO Kerry Killinger made headlines earlier in the week when he said a “near-perfect storm” in the housing market may force the bank to increase its loan loss provisions by $500 million. Earlier this week, I’d posted on Citigroup’s decision to pull back on its warehouse lending activities as well. I’d expect to see similar moves from a few other players in the next few weeks.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please