WaMu tops lenders in some riskier loans : WSJ
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Tue, 17 Apr 2007 07:22:00 GMT |
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NEW YORK (Reuters) - Washington Mutual Inc. topped the list of mortgage lenders in the percentage of loans it gave to investors or second-home buyers, the Wall Street Journal reported on its Web site on Tuesday.Such loans are generally considered more risky than those to borrowers who take the money for their primary residence, the Journal said.Of the loans that WaMu originated last year, 15 percent were backed by homes that were not the borrower's main residence, compared with 13 percent at Countrywide Financial Corp. , 11 percent at Wells Fargo & Co. , 9 percent at JPMorgan Chase & Co. and 5 percent at Citigroup , the paper said, citing its analysis of data filed with banking regulators.The Journal also said that Citigroup and WaMu had the highest concentrations of loans with high interest rates, which are generally subprime mortgages.A WaMu representative could not immediately be reached for comment, but a spokesman told the Journal that the company's lending standards were tighter for investor properties and second homes. (c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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