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Home » Store » Taxable » WaMu Becomes More Aggressive on GNMA Buyouts, Explains 3Q Rate Lock Problems

WaMu Becomes More Aggressive on GNMA Buyouts, Explains 3Q Rate Lock Problems

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Washington Mutual has become more diligent in buying out certain defaulted FHA and VA loans from Ginnie Mae pools and has reaped the benefits, the company says in its most recent 10-Q filing with the Securities and Exchange Commission. The disclosure also provides more detail on the rate lock problems that forced WaMu to take a hefty loss on loan production activity, and reveals an unusual swap transaction designed to help Freddie Mac meet
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