Washington Mutual to Buy Aussie Assets
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Washington Mutual Inc. agreed to buy some of the assets of National Australia Bank Ltd.’s HomeSide Lending Inc. unit for $1.9 billion to expand its mortgage business.
The HomeSide purchase gives Washington Mutual 2 million customers, 2,700 staff and offices in Jacksonville, Fla., and San Antonio.
Melbourne-based National Australia will retain HomeSide’s troubled mortgage portfolio, although Washington Mutual will provide the services on those loans, such as processing and escrow payments.
Shares of Washington Mutual rose 3 cents to $31.65 on the NYSE.
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