WaMu To Close all Home Loan Offices

Seattle–Washington Mutual—the largest U.S. savings and loan–said Tuesday that it would shut down all 186 home loan offices by the end of the month and cut 3,000 jobs, the San Diego Union-Tribune reports.In addition, WaMu will be exiting the wholesale lending business and will not use mortgage brokers any longer to market its loans.Regular branches will continue to lend money, according to Seattle-based WaMu’s spokesman Gary Kishner, who said the layoffs were a result of the slow home market and a corporate decision to combine operations.The layoffs will reduce WaMu’s home-loan division to about 6,200 employees. In January 2007, the group was 13,340 strong.The bank also said on Tuesday that it would obtain $7 billion in new funding from an investment group including private equity firm TPG.