Washington Mutual Inc., Seattle, has announced the commitment of an additional $1 billion to help homeowners with subprime mortgage loans avoid foreclosure. WaMu noted that the pledge brings the commitment to its borrowers' assistance program to $3 billion. "Since the fund was first established in April 2007, WaMu has helped more than 7,500 homeowners work to avoid foreclosure," said Kerry Killinger, WaMu's chief executive officer. Under the program, eligible WaMu subprime borrowers who remain current on their loans and expect payment increases may apply for new, discounted fixed-rate loans or certain other mortgage products, the company said. The thrift can be found on the Web at http://www.wamu.com.
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