Magic Picks WaMu for Home Loan Centers

Seattle-based Washington Mutual is the chosen partner of Earvin "Magic" Johnson and the Johnson Development Corp., whose chain of retail home loan centers for minority neighborhoods was launched Oct. 1 with the opening of the first such shop in New York City's Harlem.At the ribbon-cutting ceremony, Mr. Johnson said JDC selected WaMu (after contacting various lenders) for its commitment to underserved minority markets and for its brand. "Everybody knows about Washington Mutual," he said. The five-year partnership marks the launch of the joint "National Urban Homeownership" initiative and the start of an alliance that Mr. Johnson said he hopes "will never end." By the end of 2003, another 14 such centers are scheduled to be opened in Washington, Chicago, Atlanta, and Los Angeles. WaMu executives said the partnership with JDC stemmed from the idea of coming into the community with "retail-oriented stores" that provide homeownership education and step-by-step guidance through the mortgage process.