WaMu Takes 7 Billion Dollar Infusion

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Another great banking institution has taken on water with mortgage defaults and delinquencies. This time it’s Washington Mutual.(WM)

The company is taking on 7 billion dollars from private equity firm TPG Inc. and other investors.

Washington Mutual announced plans to eliminate 3,000 jobs and will close 186 stand alone home lending offices. They will offer mortgage products at their retail branches. They are projecting a 1.1 billion loss for the quarter.

WaMu also stated their dividend for the quarter will be $.01 instead of $.15.

WM is now trading at around $11.00.

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