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December 14, 2007
Mortgage Losses Prompt WaMu to Cut More Jobs
Amid mounting mortgage losses, Washington Mutual Inc. has decided to lower its dividend by 73 percent to 15 cents a share, pink-slip 3,150 mortgage and corporate support employees and raise $2.5 billion in new capital. The savings and loan, which is in the process of closing 190 of 336 mortgage offices, has long ranked as one of the nation's biggest home mortgage lenders.
Posted by S. Germain at December 14, 2007 07:47 AM