Washington Mutual and Johnson Development Corporation Bring the ‘Magic’ of Home Ownership...

Washington Mutual and Johnson Development Corporation Bring the ‘Magic’ of Home Ownership to the Bay Area

Earvin "Magic" Johnson in San Francisco to Celebrate Grand Opening of Home Loan Centers; New Program to Increase Home Ownership in Urban Ethnic Communities


San Francisco, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–February 16, 2005–Washington Mutual (NYSE:WM) is teaming up with Earvin “Magic” Johnson, Chairman and CEO of Johnson Development Corporation (JDC) to kick-off a new phase in their groundbreaking commitment to increase home ownership in the nation’s underserved communities, and celebrate the grand opening of three new home loan centers and a loan processing center in the Bay Area, in a press conference at 11 a.m. PST today.

For the first time in history, Johnson’s dedication to improving the quality of life for families in urban areas is expanding beyond African Americans to bring home ownership to members of the Hispanic and Asian communities. In addition to opening new home loan centers in urban neighborhoods nationwide, Washington Mutual and JDC continue their mission to help people in these communities build wealth, achieve their financial goals and realize the dream of home ownership through the introduction of a free, four-part financial education and credit building program, Solid Start(TM).

The innovative Solid Start program, available in English and Spanish, takes 12 to 18 months to complete and pairs perspective homeowners with a Washington Mutual home loan consultant who guides them through courses on banking basics, home buying education, purchasing a home and loan maintenance. Upon completion of the comprehensive and individualized coursework, the prospective homebuyer is expected to be in a good position to be approved for their first home loan.

As part of the special grand opening and Solid Start launch announcements today, Wednesday, Feb.16, at 11 a.m. PST, Johnson, Benson Porter, Washington Mutual’s chief administrative officer, and San Francisco Mayor Gavin Newsom will appear at the home loan center located at 2900 Mission Street in the city’s Mission District. JDC and Washington Mutual executives will discuss their unique partnership at the day-long event, which will also include a ribbon-cutting ceremony and a community open house.

Today’s event will mark the grand opening of three Bay Area home loan centers and a loan processing center. In addition to the Mission home loan center, two locations will celebrate their grand opening tomorrow, February 17, 2005 in Oakland: a home loan and community fulfillment center in Oakland’s Rockridge neighborhood at 5050 Broadway, and a home loan center in Oakland’s Downtown/Chinatown at 555 12th Street.

Beginning in 2003, Washington Mutual and JDC have opened 15 home loan centers together in New York City, Washington, D.C., Atlanta, Chicago and Los Angeles. This year, a total of 12 more home loan centers will open across the country, including centers in Miami; Houston; Chicago; Newark, N.J.; Rialto, Calif. and those opening in the Bay Area.

“The Johnson Development Corporation is excited to be part of the Bay Area community and to share our passion for educating people about how they can become homeowners,” Johnson said. “This partnership could not be successful without Washington Mutual’s commitment to put home loan centers in the communities that need them most.”

Johnson said the joint effort is also about building communities. “This is one of three JDC/Washington Mutual home loan centers which will be located in the Bay Area and we are proud to open them in such diverse neighborhoods.” He added, “Economic growth is the key to solving many problems faced by minority community residents, and by joining forces with Washington Mutual, we hope to help rebuild urban communities, stimulate local economies, and bring much needed services to residents.”

“Washington Mutual and JDC share a commitment to address the financial needs of consumers and small-business owners of diverse ethnic backgrounds, as well as those in the low- to moderate-income population,” said Porter. “Together, I know that we will develop long-term relationships that will bring new opportunity and positive change to our communities.”

For more than 100 years, Washington Mutual has helped stabilize neighborhoods to make them better places to live, work and raise families. This commitment to urban America includes affordable lending programs and products that increase accessibility, while furthering the company’s expansion into urban areas with new home loan centers. The home loans center staff will:

— Be hired from the local community;

— Work with non-profits and government agencies to develop programs to benefit local residents;

— Offer financial education and credit building support through the free, four-part Solid Start(TM) program, including sections on banking basics, home buying education, purchasing a home and loan maintenance;

— Offer a set of products to local residents to increase home ownership opportunities;

— Be supported by co-branded, multi-lingual marketing materials and joint advertising campaigns developed to increase awareness of home ownership opportunities and foster trust and understanding in local communities.

The new home loan centers aim to put potential homeowners at ease with a diverse and friendly staff. Loan consultants will offer highly personalized service by explaining the flexible and affordable options available to clients while guiding them through the process of buying a home.

About Johnson Development Corporation

JDC, a company formed in 1994 by Johnson, is comprised of five separate companies, each functioning independently to serve as a business stimulus, foster local economic growth and create financial empowerment in long neglected minority urban and suburban neighborhoods. JDC develops entertainment complexes, restaurants and retail centers. The development projects provide jobs and employ local minority contractors in the communities in which they operate.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At December 31, 2004, Washington Mutual and its subsidiaries had assets of $307.92 billion. Washington Mutual currently operates more than 2,400 retail banking, mortgage lending, commercial banking and financial services offices throughout the nation. Washington Mutual’s press releases are available at http://www.wamunewsroom.com.



Washington Mutual

Derek Aney, 646-250-9941


Missy Cousino, 713-594-9332


Johnson Development Corporation

Kimberley Thompson, 310-247-1994

Washington Mutual and Johnson Development Corporation Bring the ‘Magic’ of Home Ownership to the Bay Area