WaMu laying off 3,000, closing home loan offices

Bank will no longer lend through mortgage brokers

<p>Washington Mutual will lay off 3,000 employees as it closes all 186 of the bank’s freestanding home loan offices and stops making loans through mortgage brokers, the company said Tuesday in announcing a plan to raise $7 billion to offset mounting losses.</p>
<p>WaMu officials released a preliminary estimate that the bank racked up a $1.1 billion net loss for the first quarter, with provisions for loan losses rising to $3.5 billion and net charge-offs on bad loans hitting $1.4 billion. </p>