Rise of the mega lenders

JP Morgan joins BofA at top with WaMu play

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JP Morgan Chase’s acquisition of failed Washington Mutual Bank will create a leviathan in mortgage lending, second in originations only to the juggernaut created by Bank of America’s acquisition of Countrywide Financial Corp.

JP Morgan said its acquisition of WaMu will allow it to to grow in major markets like California, Florida and Washington state, and create a company with 5,400 branches in 23 states.