WaMu Names John P. McMurray Chief Credit Officer

Business Wire, August 31, 2007

25-Year Mortgage Veteran Joins WaMu

SEATTLE -- Washington Mutual, Inc. (NYSE:WM) today announced that John P. McMurray is joining WaMu to serve as the company's Chief Credit Officer, effective Sept. 24, 2007. He will report to Ron Cathcart, EVP and Chief Enterprise Risk Officer.

McMurray, a mortgage industry veteran, most recently was Senior Managing Director and Chief Risk Officer at Countrywide Financial Corporation, Calabasas, CA.

At WaMu, McMurray will be responsible for the company's overall credit risk strategy, credit risk and portfolio management, credit policy and related functions including portfolio analytics and loan review. In addition, he will advise line of business heads and their credit organizations on strategic credit issues and will chair the company's credit policy committee.

"We're very pleased to bring to WaMu someone of John's caliber in this critically important role," said Kerry Killinger, WaMu's chairman and CEO. "He is highly respected both in and outside the mortgage industry for his demonstrated skill, industry knowledge and leadership, all of which will bring immediate added value to our company."

Prior to joining Countrywide, McMurray served in senior leadership positions responsible for credit risk management for a number of mortgage-related companies, including Freddie Mac and Crestar Mortgage Corporation.

McMurray is a Chartered Financial Analyst and a Certified Public Accountant. He earned an M.S. from M.I.T., an M.B.A. from the University of Texas at San Antonio and an undergraduate degree from Trinity University, San Antonio.

"John will be a great addition to WaMu," said Ron Cathcart. "He is extremely talented and we're very happy to have him join our group." Cathcart also acknowledged the contributions of Clifford Rossi, who has been the company's Chief Credit Officer. "Cliff's expertise has made him a valuable member of the Senior Risk Team and we look forward to his continued contributions in the area of credit."

WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At June 30, 2007, WaMu and its subsidiaries had assets of $312.22 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate approximately 2,700 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com.