This story will continue to develop and will affect the mortgage and real estate industry to some degree. WaMu is more or less scrapping their residential loan program. No longer will they loan money for mortgage brokers to make loans. It is unclear if a person can walk into a bank and acquire a loan directly from WaMu...though signs point to "no."
The following article from the Seattle Times outlines how WaMu fell and what went wrong.
Read the full article here.
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