SEATTLE, Washington - Washington Mutual (NYSE:WM), America's lending leader, today announced its Teacher Mortgage Program allowing state-certified teachers and administrators employed at accredited K-12 schools to receive a 0.5 percent discount on the loan origination points when buying a home.

This new program is designed to make it easier for teachers and school administrators to achieve the American dream of homeownership.

"As a national mortgage leader, we have a wide variety of mortgage products and this offer can be used with many of them," said Craig S. Davis, president of Washington Mutual's Home Loans and Insurance Services Group. "Finding ways to support teachers is an important initiative for WaMu and reducing the up-front costs of homeownership makes perfect sense. Additionally, this program coupled with assistance offered by local communities is a powerful combination."

WaMu is known for its innovative home loan products including adjustable- and fixed-rate mortgages to products for customers with special needs such as first time homebuyers. The company's philosophy is to work with each customer's unique financial situation to find the best loan product to meet the customer's needs, enabling the company to put more people into homes. WaMu calls this "The Power of Yes!"

"Our new Teacher Mortgage Program is the result of our effort to integrate support for teachers and school administrators with our financial products and services," said Cheryl Di Re, senior vice president of Community Marketing and Corporate Giving for Washington Mutual. "Our teacher initiatives focus on helping teachers with professional development and classroom programs and by offering financial products that will save educators time and money. WaMu has two key initiatives, supporting affordable housing and education, and this new program supports both."

Washington Mutual's Commitment to Teachers, Education

Helping to improve the performance of K-12 public schools is a corporate priority for Washington Mutual. In addition to the new Teacher Mortgage Program, the company includes the following programs for teachers and schools:

-- School Savings -- Established in 1923, Washington Mutual's School Savings program has taught hundreds of thousands of youngsters the importance of saving. Currently, children at nearly 1000 schools are learning the value of saving through the program, which offers a weekly Bank Day at participating schools where students can deposit as little as 25 cents.

-- Classroom Presentations -- Washington Mutual's Classroom Presentations offer a range of financial literacy lessons for K-12 students on everything from basics of savings for kindergartners to the fundamentals of investing and credit. The courses are grade-specific and were developed by educators for presentation by Washington Mutual employee volunteers. (Washington Mutual provides up to four hours of paid release time each month for employee volunteering.)

-- WaMoola for Schools -- Washington Mutual's unique WaMoola for Schools program provides $1 to local schools and school districts for every new checking account opened. Last year the program generated more than $4 million dollars for schools nationwide, with the funds earmarked for professional development opportunities for teachers.

-- National Board Certification -- This year, the Washington Mutual Foundation is providing $1 million in scholarships for teachers pursuing National Board Certification, one of the most prestigious accomplishments in the teaching profession. The bank also provides interest free loans for the balance of the certification fee, and other prizes and incentives to educators pursuing this level of achievement. Currently, 48 states and more than 400 local school districts, including the District of Columbia, encourage teachers to seek National Board Certification by offering incentives such as salary increases and bonuses, expanded school and district roles, and other professional incentives.

Altogether, Washington Mutual's education support for this year will total more than $15 million, with 50 percent dedicated specifically to teachers.

For more information about WaMu's Teacher Mortgage Program, call 888/WAMU-LEND. For detailed information about applying for grants, go to www.wamu.com/foundation or call 800/258-0543.

About Washington Mutual

With a history dating back to 1889, Washington Mutual (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2002, Washington Mutual and its subsidiaries had assets of $275.22 billion. The company currently operates more than 2,400 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

Washington Mutual, Inc.

Washington Mutual, Inc.

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