Orange County Register

Washington Mutual Inc. is closing two divisions that financed mortgage companies and bought loans from other lenders and is cutting about 1,000 jobs, according to the Los Angeles Times.

As part of the move, the company is laying off about 155 employees at its subprime loan processing center in Anaheim, reports the Times, citing a spokesman for the company.

The largest U.S. savings and loan says it is also adding about 1,000 loan officers in the next few months in its mortgage and bank branches.

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