WAMU Comm. Correspondent - Wholesale
2007-11-16
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"Washington Mutual has elected to terminate its Commercial Correspondent/Wholesale Lending Program." Those are the opening words that effectively fires 18 to 20 people in this small unit of WAMU.
Here in part is the letter that went out this morning:
From: GM Wholesale Commercial Lending
Sent: Friday, November 16, 2007 11:53 AM
Subject: WaMu Correspondent Program Shutting Down
"Washington Mutual has elected to terminate its Commercial Correspondent/Wholesale Lending Program. Effective today, we will no longer accept new loan submissions. Daily Pricing will no longer be e-mailed to you effective today. If you have loans in process that are not yet rate locked, you will need to call your RM or RMA to obtain the daily rate. We will continue to process and close loans providing that your borrowers have previously submitted their Application Deposit. Loans in process are to be closed before December 31, 2007."
This news will certainly send shudders across similar channels with other Retail Banks. From one reader, "Its disturbing... because other than Countrywide exiting the similar 'larger deal' space about a month ago... these sub prime issues appear to be leaking into commercial lending or this group was not performing. No analysis is given in the article... no speculation out there to know what is going on..."
If you have comments about this Implosion, or can provide more information, please mail us.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.