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WaMu Gets Downgraded.

Mortgage Servicing News

| April 01, 2008 | COPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

New York -- Citing a worse mortgage market than expected even two months ago, Standard & Poor's has lowered the long-term counterparty credit ratings of Washington Mutual Inc., Seattle, and Washington Mutual Bank.

WaMu is the nation's fifth largest mortgage servicer.

WaMu's counterparty rating was downgraded from BBB+ to BBB, and WaMu Bank's was downgraded from A- to BBB+. S&P also placed all its WaMu ratings on CreditWatch with negative implications.

"We now believe that the severity of losses on all residential mortgages will be higher than we had thought and that the weak housing market will now be a longer ...

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Source: HighBeam Research, WaMu Gets Downgraded.

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