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Project Restart and the Wamulians

Posted on June 20, 2008

It s been another tough week for Washington Mutual, the nation s largest and perhaps most troubled thrift. The company announced a major new restructuring called Project Restart. Some 1,200 employees were let go. Offices have been closed and major personnel changes made at the top, including the promotion of Arlene Hyde to head the home loan operations. Wamu eliminated two mortgage products the infamous option ARM loans which lets borrowers forgo interest payments by adding them to their principal and another product that was a combination home equity loan and mortgage. The Seattle-based...

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