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Rumor Mill Has Washington Mutual Talking to Suitors.(Brief Article)
Washington -- Is Washington Mutual, Seattle, the nation's largest thrift - and third-largest mortgage servicer - on the auction block?
Last week the company declined to comment, but investment banking officials told this newspaper that rumors were once again circulating that WaMu was talking to the London-based HSBC Holdings which already has substantial mortgage assets in the U.S. WaMu serviced $772 billion of mortgages at the end of last year.
A spokeswoman for HSBC said the company has a policy of not commenting on rumors and speculation. (WaMu's spokeswoman said the same thing.)
It is not known how solid these latest rumors are, but WaMu's share price has traded near its 52-week high in recent weeks.
A few years ago, HSBC bought Household International, Prospect Heights, Ill., one of the largest residential subprime lenders/servicers in the U.S. HSBC is a cash-rich company that would like to further increase its presence in the U.S. market.
In the fourth quarter, WaMu ranked third among all residential lenders, HSBC 19th. In the subprime niche, WaMu ...
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Source: HighBeam Research, Rumor Mill Has Washington Mutual Talking to Suitors.(Brief Article)