WaMu welcomed MA with option ARMs

According to the Boston Business Journal, Massachusetts was a major target for the unwise lending practices that led to Washington Mutual's bailout by JP Morgan Chase this week. WaMu had over $1 billion in option adjustable rate mortgages in Massachusetts, a small percentage of its total portfolio but a large amount for a small state. We were WaMu's sixth largest option ARM market; California and Florida accounted for a whopping 63% of WaMu's ARMs.