WaMu To Slash Mortgage Jobs

SEATTLE - (07/26/04) -- In a major indicator of the slowdownin the mortgage market, Washington Mutual Inc., the nation's secondlargest mortgage lender, said last week it will close 100 mortgageoffices in 17 states due to a 42% drop-off in mortgage lending.WaMu, the nation's largest thrift, said it cut 2,400 jobs thismonth and will cut another 2,500 by the end of the year in itsmortgage operations. The announcement came a day after WaMureported that net income for its second quarter declined 52% to$489 million, or 55 cents a share, from the same period last year.For the first six months, WaMu reported a 31% decline in earningsto $1.5 billion, or $1.79 a share.