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What's so special (if at all) about loans and mortgages from (and through) Washington Mutual? My aunt used it to secure a HOA consumer loan and a mortgage loan (the latter from Alltel through WaMu). I personally don't care for them, even for their checking/savings accounts. Though curious as to why she prefers WaMu for mortgages and loans.
The whole "khakis and polo shirt" thing seems to work for them too, the old "fancy banker man" mindset gives a lot of people a feeling that traditional banks are making too much money. These days some bankers should probably be wearing a pickle barrel and suspenders...
As chet pointed out, a lot of it is branding and good marketing. Also, if she has accounts there and has been treated honestly and with good service of course she will turn to them for a mortgage.
To me they didn't prove to be any wiser, more prudent or better than anyone else. They are mired in the sub-prime mess (through their affiliate, Long Beach I think) and got heavily into Option ARMs. There is still doubt as to there future and others with portfolios heavy in Option ARMs... but sometimes commercial sell us on all sorts of widgets.
That's what my aunt got on both loans. ARMs. I saw the statements myself (because the checking account is in my name). Amazing how the amounts vary greatly from month to month. ARMs are probably why she chose WaMu.
That, and the somewhat "relaxed" guidelines ......
Such as?
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