Comments on: Wamu Shutters Wholesale, Loan Centers

By: ec

ec — Fri, 11 Apr 2008 14:51:31 +0000

Keep squeezing the brokers. I continue to see scum dropping from the market.

By: bryantkeefe

bryantkeefe — Tue, 08 Apr 2008 10:53:47 +0000

The Mortgage Broker may not need to be regulated as the wholesale sources close their doors we will all be banking/correspondents before you know it.

On a bad service note, WAMU has been a mess for the past 7 months so this is no loss to me. I stopped using them as there was too much brain damage getting a file through their system.

By: mikew

mikew — Tue, 08 Apr 2008 10:00:41 +0000

Closing all standalone retail branches and closing wholesale smells of desparation. How interesting for a company that so agressively bought their way into the mortgage industry just a few short years ago. They did so without any regard for the customers they were buying.

I think its a good idea for them to focus on servicing their present client base. Far too many Wamu loans had horrible servicing. I have been able to refinance many of their customers based on the fact that they just couldn't stand having to deal with them.

Lastly, I know a former Wamu wholesale account executive who had ZERO years experience in residential lending who was making over $300K per year.almost immediately upon his hire. It is no wonder they are closing it down. I would suggest that fire everyone associated with their failed management of this mortgage company.

Lets hope Countrywide does the same thing. Their collective fall from grace is a blessing to me. Its a good sign the industry is cleaning itself up.

By: spolitowicz

spolitowicz — Tue, 08 Apr 2008 04:49:07 +0000

….smells like a prelude to a bailout. Pump in some cash to keep it afloat, strip away all but the core business activities, see who'll take it (with Federal Reserve assistance). Watch for Countrywide to do the same eventually. They've been closing some wholesale offices and paring branch staff for months now…all under the radar and without publicity. WaMu's action is the death knell for the wholesale channel.