Tom Kelly The Real Estate Adviser

October 2, 2008

The Real Estate Adviser: WaMu's mortgage troubles started in '96

Twelve years ago, Washington Mutual was on a can't-miss roll.

The Seattle-based thrift had made 22 bank buys since 1983 and increased its lead over the competition in mortgage lending in all Northwest states. It was riding high on the commercial success of the Rodeo Grandmas, a television advertisement featuring four women aged 68-92 who adoringly yodeled and roped viewers into “corralling” WaMu's new concept of free checking for its customers.

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Previous columns:

• The Real Estate Adviser: Foreclosure scams are on the increase, 09-25-2008
• The Real Estate Adviser: Niche lenders target U.S. buyers in Mexico, 09-18-2008
• The Real Estate Adviser: Reading the fine print on reverse mortgages, 09-11-2008
• The Real Estate Adviser: Use your retirement funds to buy investment property, 09-04-2008
• The Real Estate Adviser: New housing bill reduces reverse mortgage fees, 08-28-2008
• The Real Estate Adviser: Consumer perception can move economic mountains, 08-21-2008
• The Real Estate Adviser: Hold off on vacation until your deal closes, 08-14-2008
• The Real Estate Adviser: Can lenders challenge loan data after closing?, 08-07-2008