WaMu scales back lending operations
The savings-and-loan association exits wholesale lending and closes home-loan centers.
NEW YORK (CNN) -- Washington Mutual told employees Monday that it will exit the wholesale lending business and close home-loan centers nationwide.
Washington Mutual, the nation's largest savings-and-loan association, is taking those steps to focus on delivering home-lending products to customers through banking stores and online, a WaMu spokesperson said.
Sara Gaugl, WaMu spokesperson, told CNN that the bank will no longer work with third party brokers. She said WaMu also will close its remaining stand-alone Home Loan Centers.
Gaugl said the company has not posted specific information about how many stores and employees will be affected.
The bank is close to a deal with private-equity firm TPG and other investors to receive a $5 billion investment, according to The Wall Street Journal.
The infusion would help WaMu meet its pressing capital requirements as the bank faces steep losses stemming from the housing crisis.
WaMu (WM, Fortune 500) shares rose nearly 30% in active trade in Monday's session. 
