washington mutual home equity loan

Washington Mutual Plans To Sell Mortgage-Servicing Rights

(WM) on Wednesday said it plans to sell its rights to service about $140 billion of mortgages, as the nation's largest savings and loan continues to revamp its home-loan unit amid weakening loan demand.
The Seattle company, the third-largest mortgage lender after Countrywide Financial Corp. (CFC) and Wells Fargo & Co. (WFC), said it will sell for an undisclosed amount its entire portfolio of government mortgage servicing and some of its fixed-rate servicing portfolio to San Francisco-based Wells Fargo. The portfolios to be sold represent about 1.3 million customers. Also, the mortgage-servicing rights are valued at $2.6 billion.
Chief Executive Kerry Killinger said in an interview the plan represents Washington Mutual's ongoing effort to move its home-loan business "away from the commoditized, 30-year, fixed-rate mortgages and into higher margin areas" such as option adjustable-rate mortgages, home-equity loans, subprime mortgages, and Alt-A mortgages - or loans whose risk falls between prime and subprime loans.

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Minister admits lapses, Oppn stages walkout

: The Congress-led UDF walked out of state assembly for the second day over the "lapse" on the part of the government in preventing six self-financing colleges from being accorded minority status.

Replying to the matter raised by opposition leader Oommen Chandy, State Education Minister M A Baby said that it has come to his notice that a lapse at official level had occurred in communicating the government stand to the National Commission for Minority Educational Institutions on time.

A probe would be conducted on the lapse and prompt action would be taken against the guilty, Baby said.

Chandy charged Baby with misleading the house on the issue and said the fax message seeking one month time for the government to take a decision was conveyed on June 23 after the Commission granted minority status to six institutions on June 20.

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