Washington Mutual Shuts Down Their Construction Loan Department
Washington Mutual has shut down the entire construction loan department nationwide. Wamu management is so lucky I’m not the CEO of their bank because I would fire upper management before I ever shut down one of Washington Mutual best products their “construction loans”. Wamu may be in trouble just like a lot of other banks in the industry right now but the idea that families are no longer going to build their dream home is rediculous. The best customers in the entire mortgage spectrum is the family home builder. Where else can you find people with excellent credit, land equity and stronger credit leverage than through families that build a dream home for themselves to live in the rest of their lives. Like I said, upper management heads would be rolling if I were in charge. Management is using big home builder statistics to keep their cost cutting jobs instead of protecting the America Dream and their highest quality product and customer. Good Luck Wamu, it was fun working with you but your days are numbered and you can thank upper management.
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Tags: construction loans
