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Subprime Problems Hit WaMu

02 Jul 2007

The Chicago job market continues to be haunted by problems in the nation's subprime mortgage industry, even as federal regulators fashion guidelines they hope will improve conditions in the sector.

Washington Mutual Inc. has disclosed that it is closing a subprime mortgage office at One Pierce Place in Itasca, leaving more than 100 employees out of work, according to a filing this week with the Illinois Department of Commerce and Economic Opportunity.

"As a result of the changing subprime market, we made the decision to close the facility," a WaMu spokesman confirmed Friday.

02 Jul 2007