LYCOS RETRIEVER 
Washington Mutual: Loans
built 280 days ago
Washington Mutual is struggling to return its home-loan division to profitability. The lender said Dec. 11 it will write down the unit's value by $1.6 billion and slashed its dividend 73 percent. It ... cut about 6 percent of its workforce.
Source:
Washington Mutual said its loan loss provision for the quarter will total $975 million. The provision exceeds net charge-offs — loans written off as having no chance of being recovered — by $550 million. Loss provisions, on top of paying current charge-offs, are used to cover future losses.
Source:
According to the Complaint, the Washington Mutual home loan consultants regularly work hours in excess of 40 per week and have not received overtime compensation for all hours worked. If the loans they handle are not approved, the consultants may receive no pay for the long hours they work, and this practice violates the minimum wage law, according to the law firms.
Source:
In December 2007, Washington Mutual announced a reorganization of its home loan division which resulted in closing 160 of its 336 home loan offices. This resulted in a loss of 2600 positions in its home loan staff (a 22% reduction).
Source:
For the quarter, Washington Mutual's home loan group lost $348 million, compared with a $23 million loss a year earlier. Home mortgage sales swung from a second-quarter gain of $192 million to a third-quarter loss of $222 million.
Source:
Hilton HHonors members can now earn 3,250 bonus points for each $10,000 financed or refinanced through Awards for Mortgage & Real Estate (Washington Mutual, Wachovia, CitiMortgage and Chase). Points are ... offered for home-equity loans, home sales and moving services. And there's an additional bonus of up to 10,000 points for Gold and Diamond members. More information is online at http://www.awardsformortgageandrealestate.com/hhonors/
Source:
MORE ABOUT
Loans