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Washington Mutual Drops Annual Fee on Personal Equity Manager Product Adds Longer-Term Feature; Making It One of the Most Flexible Home Equity and Mortgage Pr

Closing costs on the first-lien
product, however , are lower than a traditional mortgage and generally
average around $500. Furthermore, the
process is streamlined and borrowers do not need to reapply in order
to tap into their home equity -- with funds from the line of credit
generally made available on the same business day.

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"
The cost of the mortgage payment protection coverage for HomeOpeners
PaymentPlus is paid by General Electric Mortgage Insurance Corporation,
Genworth Financial's mortgage insurance business, which also underwrites the
mortgage guaranty portion of the coverage. and more than a dozen other
European countries .

First mortgage now available up to a 30-year term

Additionally, borrowers using the Personal Equity Manager product
as a first-lien mortgage when purchasing a new home or refinancing an
existing one can now choose a fixed-rate loan option up to a 30-year
term rather than the former 20-year term limit. Likewise, the fee
to set up a fixed-rate option is only $250, although the first one is
free and there is no fee if a borrower is moving a fixed loan amount
back to the variable line of credit .
"The end result is an innovative product that is likely the only
home financing option many borrowers will ever need," said Jennifer
Myhre, senior vice president, Home Equity Product Management. Washington Mutual's press releases are
available at www.

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About Flagstar Bancorp
Flagstar Bancorp (NYSE: FBC) is the second largest independent banking
institution headquartered in Michigan.
"Overall, the product gives customers more control in managing
their monthly payments and cash flow , particularly since borrowers can
choose between fixed and variable rates as their financial needs or
interest rates change," added Kido.

Consumer information web sites relating to home loans.

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Flagstar to Offer Genworth's HomeOpeners(sm) PaymentPlus

In addition, the product is fully
refundable , which may provide money to the borrower upon cancellation., Canada, Australia, the U.
"For many individuals, their home is one of the most important
financial assets they have and the Personal Equity Manager product
allows them to manage this asset with the interest rate and payment
options that best work for them," said Kenneth Kido, president of
retail bank products and operations at Washington Mutual.

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Flagstar is one of the largest
originators of residential mortgage loans in the United States.

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Reducing losses from
borrowers' inability to make payments due to involuntary unemployment it
provides peace of mind for both Flagstar and its borrowers.

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"It gives Flagstar
an opportunity to stand out in a highly competitive market by delivering a
valuable benefit to borrowers at no added cost. For more information, visit http://www. Washington Mutual currently operates more than 2,400 retail
banking, mortgage lending, commercial banking and financial services
offices throughout the nation.

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"With it, lenders will be able to qualify more
borrowers to buy the homes of their dreams ."
"Our partnership with Genworth Financial is another example of Flagstar's
efforts to provide innovative solutions for both borrowers and lenders," said
Steve Brooks, an executive vice president at Flagstar Bank.70
billion.wamunewsroom.

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About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the
lifestyle protection, retirement income , investment and mortgage insurance
needs of more than 15 million customers, and has operations in 22 countries,
including the U.S. For
example, a borrower may choose to finance a new home with a 30-year
term at either a variable or fixed rate, and then later tap into their
equity to pay for home improvements or other costs using terms not
commonly available such as a three-, four- or seven-year fixed rate
with set monthly payments.

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Low Down Payment Loan Solution Helps Drive Homeownership

RICHMOND, Va. The coverage includes
unemployment due to layoffs, strikes or lockouts, as well as other
unemployment.
Both Fannie Mae and Federal Home Loan Banks have agreed to purchase
HomeOpeners(sm) PaymentPlus loans. The involuntary unemployment
insurance coverage is underwritten by a third party.

Business Editors

SEATTLE----Washington Mutual
(NYSE:WM), one of the leading retailers of financial services, has
dropped the annual fee for its Personal Equity Manager(TM) product and
has lengthened the fixed-rate option up to a 30-year term -- making it
one of the most flexible home equity and mortgage products currently
available . While
Washington Mutual has dropped the annual fee -- which ranged from $45
to $65 depending on the region -- for maintaining a line of credit,
initial closing costs still apply.

Monthly statement summarizes all account activities

Borrowers, who receive monthly statements which summarizes all of
their account activities, may exercise up to two fixed-rate loan
options on their Personal Equity Manager loan within the calendar
year, with up to five outstanding at any time.

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At March
31 , 2005, Washington Mutual and its subsidiaries had assets of $319.

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It also
provides the added benefit of involuntary unemployment insurance at no
additional cost to the borrower.
"We're happy to be working with Flagstar to give homebuyers an attractive
alternative to combination loan products ," said Lewis Fain, senior vice
president, Marketing and Strategic Development for Genworth Financial 's
mortgage insurance segment.genworth.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a
retailer of financial services that provides a diversified line of
products and services to consumers and commercial clients.

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*A tax advisor should be consulted for matters of tax deductions.

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, Genworth Financial
(NYSE: GNW) said today that Michigan -based Flagstar Bank had begun offering
Genworth's HomeOpeners(sm) PaymentPlus, a low down payment mortgage solution
designed to help consumers buy homes sooner and provide them with added
mortgage payment protection in the event they become unemployed. Policyholders receive two years of
involuntary unemployment protection that pays principal, interest, taxes and
insurance up to $2,000 for up to six months.

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"
The industry's only single premium mortgage insurance product that
includes involuntary unemployment protection, HomeOpeners(sm) PaymentPlus
meets four key needs of the low down payment borrower: it lowers monthly
payments, can be tax-deductible*, builds equity faster than combination loans,
and is easy to cancel.

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Flagstar operates 124 banking centers
in Michigan and Indiana and 112 home loan centers in 26 states and
correspondent offices across the country.com .

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com. The longer term makes
the Personal Equity Manager product an alternative to a traditional
mortgage loan.

With Washington Mutual's Personal Equity Manager product,
customers also have more flexibility in setting the terms of their
fixed-rate loans and can choose terms in one-year increments.

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"Genworth 's
PaymentPlus product is an exciting addition to our many options for borrowers
who have less than 20 percent to put down toward the purchase of a home.

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Cancellation follows standard procedure under the
Homeowners Protection Act of 1998.K.

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"HomeOpeners(sm) PaymentPlus involuntary unemployment insurance sets it
apart from other low down payment solutions," Fain said.flagstar.com

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HomeOpeners(sm) PaymentPlus provides a lower monthly payment than
traditional mortgage insurance , most combination loans or FHA loans. For more
information, visit http://www. The
Personal Equity Manager product is a two-in-one loan that can stand
alone as a flexible line of credit or also allow customers to purchase
or refinance a home with the ability to tap into their home equity at
a later date.
Furthermore, borrowers can finance up to 90 percent of the value
of their home with a maximum loan amount of $1 million.

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