Content area
Full Text
Continuing its "buy and build" strategy of growth, Washington Mutual last week agreed to purchase Fleet Mortgage Group for $660 million - the largest servicing-related purchase ever.
The acquisition of FMG makes WaMu the number one residential lender in the nation, and the number two servicer, according to figures compiled by this newspaper.
And with the ink barely dry on the FMG deal, investment bankers and others are already talking about who might be next on WaMu's takeover list.
One source close to WaMu said the nation's largest thrift has already talked to Countrywide Home Loans, Calabasas, Calif. (ranked fourth in servicing); and three New York-based institutions: Astoria Federal, Dime Bancorp and Greenpoint Financial.
Investment banking sources say Countrywide listened to WaMu's overtures but so far has resisted. "Countrywide's...