Exhibit 99.2

WM - 1

Washington Mutual, Inc.

Consolidated Statements of Income

(dollars in millions, except per share data)

(unaudited)

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003		June 30, 2003			Mar. 31, 2003
Interest Income
Loans held for sale	$	328		$	439		$	684	$	693		$	668
Loans held in portfolio	2,071			1,969			1,848		1,905			1,964
Available-for-sale securities	265			353			401		468			516
Other interest and dividend income	57			38			65		72			80
Total interest income	2,721			2,799			2,998		3,138			3,228
Interest Expense
Deposits	443			491			538		548			587
Borrowings	546			565			551		604			648
Total interest expense	989			1,056			1,089		1,152			1,235
Net interest income	1,732			1,743			1,909		1,986			1,993
Provision (reversal of reserve) for loan and lease losses	56			(202		)	76		81			88
Net interest income after provision for loan and lease losses	1,676			1,945			1,833		1,905			1,905
Noninterest Income
Home loan mortgage banking income, net	531			592			145		611			625
Depositor and other retail banking fees	463			472			471		454			420
Securities fees and commissions	107			103			103		100			89
Insurance income	61			49			45		48			46
Portfolio loan related income	87			96			116		111			117
Gain (loss) from other available-for-sale securities	21			(13		)	557		137			(5		)
Gain (loss) on extinguishment of short-term borrowings	(89		)	—			7		(49		)	(87		)
Other income	56			166			120		114			90
Total noninterest income	1,237			1,465			1,564		1,526			1,295
Noninterest Expense
Compensation and benefits	899			877			837		843			748
Occupancy and equipment	400			569			352		371			301
Telecommunications and outsourced information services	123			125			150		140			140
Depositor and other retail banking losses	55			49			50		50			52
Amortization of other intangible assets	15			15			15		15			16
Advertising and promotion	58			88			51		80			59
Professional fees	39			78			69		66			54
Other expense	291			300			286		285			277
Total noninterest expense	1,880			2,101			1,810		1,850			1,647
Income from continuing operations before income taxes	1,033			1,309			1,587		1,581			1,553
Income taxes	385			488			588		586			575
Income from continuing operations, net of taxes	648			821			999		995			978
Discontinued Operations
Income (loss) from discontinued operations	(32		)	34			38		34			30
Gain on disposition of discontinued operations	676			—			—		—			—
Income taxes	245			13			14		12			11
Income from discontinued operations, net of taxes	399			21			24		22			19
Net Income	$	1,047		$	842		$	1,023	$	1,017		$	997
Net Income Attributable to Common Stock	$	1,047		$	842		$	1,023	$	1,017		$	997
Basic earnings per common share:
Income from continuing operations	$	0.75		$	0.93		$	1.11	$	1.09		$	1.06
Income from discontinued operations, net	0.46			0.02			0.03		0.03			0.02
Net income	1.21			0.95			1.14		1.12			1.08
Diluted earnings per common share:
Income from continuing operations	$	0.73		$	0.91		$	1.09	$	1.07		$	1.05
Income from discontinued operations, net	0.45			0.02			0.02		0.02			0.02
Net income	1.18			0.93			1.11		1.09			1.07
Dividends declared per common share	0.42			0.41			0.40		0.30			0.29
Basic weighted average number of common shares outstanding (in thousands)	863,299			883,539			899,579		910,921			921,084
Diluted weighted average number of common shares outstanding (in thousands)	886,467			904,840			918,372		929,386			934,889

WM - 2

Washington Mutual, Inc.

Consolidated Statements of Financial Condition

(dollars in millions, except per share data)

(unaudited)

	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Assets
Cash and cash equivalents	$	6,045		$	7,018		$	5,744		$	7,333		$	6,165
Federal funds sold and securities purchased under resale agreements	1,783			19			12			2,085			1,606
Available-for-sale securities, total amortized cost of $22,843, $36,858, $36,792, $43,170 and $40,761:
Mortgage-backed securities	10,766			10,695			14,352			24,875			26,768
Investment securities	12,565			26,012			22,705			20,152			15,576
Loans held for sale	33,125			20,343			35,493			44,870			49,219
Loans held in portfolio	187,462			175,644			160,556			150,050			146,972
Allowance for loan and lease losses	(1,260		)	(1,250		)	(1,549		)	(1,530		)	(1,530		)
Total loans held in portfolio, net of allowance for loan and lease losses	186,202			174,394			159,007			148,520			145,442
Investment in Federal Home Loan Banks	3,916			3,462			3,429			3,596			3,871
Mortgage servicing rights	5,239			6,354			5,870			4,598			5,210
Goodwill	6,196			6,196			6,196			6,196			6,196
Assets of discontinued operations	—			4,184			4,138			4,020			3,935
Other assets	14,931			16,501			29,685			16,875			13,053
Total assets	$	280,768		$	275,178		$	286,631		$	283,120		$	277,041
Liabilities
Deposits:
Noninterest-bearing deposits	$	35,714		$	29,968		$	39,197		$	46,505		$	40,478
Interest-bearing deposits	125,267			123,213			124,944			119,952			119,394
Total deposits	160,981			153,181			164,141			166,457			159,872
Federal funds purchased and commercial paper	4,501			2,011			3,113			2,632			1,511
Securities sold under agreements to repurchase	18,306			28,333			20,468			22,964			20,502
Advances from Federal Home Loan Banks	58,494			48,330			43,743			46,127			52,221
Other borrowings	13,692			15,483			12,584			12,986			14,142
Liabilities of discontinued operations	—			3,578			3,554			3,448			3,381
Other liabilities	4,411			4,520			18,587			7,528			4,804
Total liabilities	260,385			255,436			266,190			262,142			256,433
Stockholders’ equity	20,383			19,742			20,441			20,978			20,608
Total liabilities and stockholders’ equity	$	280,768		$	275,178		$	286,631		$	283,120		$	277,041
Common shares outstanding at end of period (in thousands)(1)	868,953			880,986			913,854			924,238			934,983
Book value per common share(2)	$	23.62		$	22.56		$	22.77		$	23.13		$	22.46
Tangible book value per common share(2)	16.53			15.58			15.94			16.35			15.75
Employees at end of period(3)	59,173			63,720			62,901			60,166			57,302

(1)   Includes 6,000,000 shares at March 31, 2004 and December 31, 2003, 16,200,000 shares at September 30, 2003, 17,100,000 shares at June 30, 2003 and 17,550,000 shares at March 31, 2003, held in escrow.

(2)   Excludes 6,000,000 shares at March 31, 2004 and December 31, 2003, 16,200,000 shares at September 30, 2003, 17,100,000 shares at June 30, 2003 and 17,550,000 shares at March 31, 2003, held in escrow.

(3)   Includes 2,346, 2,352, 2,397 and 2,387 employees reported as part of discontinued operations at December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003.

WM - 3

Washington Mutual, Inc.

Selected Financial Information

(dollars in millions)

(unaudited)

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Stockholders’ Equity Rollforward
Balance, beginning of period	$	19,742		$	20,441		$	20,978		$	20,608		$	20,061
Net income	1,047			842			1,023			1,017			997
Other comprehensive income (loss), net of tax	512			(105		)	(805		)	91			119
Cash dividends declared on common stock	(367		)	(368		)	(362		)	(275		)	(267		)
Cash dividends returned(1)	—			45			4			2			2
Common stock repurchased and retired	(712		)	(1,269		)	(457		)	(621		)	(351		)
Common stock issued	161			156			60			156			47
Balance, end of period	$	20,383		$	19,742		$	20,441		$	20,978		$	20,608

(1)   Represents accumulated dividends on shares returned from escrow.

WM - 4

	Quarter Ended Mar. 31, 2004
	Consumer Group
	Retail Banking and Financial Services			Mortgage Banking			Commercial Group			Corporate Support/ Treasury and Other			Reconciling Adjustments			Total
Condensed income statement:
Net interest income (expense)	$	1,236		$	277		$	340		$	(224	)	$	103	(1)	$	1,732
Provision for loan and lease losses	38			2			15			—			1		(2)	56
Noninterest income (expense)	622			760			87			(68		)	(164		)(3)	1,237
Inter-segment revenue (expense)	6			(6		)	—			—			—			—
Noninterest expense	1,071			675			152			192			(210		)(4)	1,880
Income (loss) from continuing operations before income taxes	755			354			260			(484		)	148			1,033
Income taxes (benefit)	286			134			91			(181		)	55		(5)	385
Income (loss) from continuing operations	469			220			169			(303		)	93			648
Income from discontinued operations, net of taxes	—			—			—			399			—			399
Net income	$	469		$	220		$	169		$	96		$	93		$	1,047
Performance and other data:
Efficiency ratio	50.58		%(6)	60.39		%(6)	28.73		%(6)	n/a			n/a			63.34		%(7)
Average loans	$	149,398		$	19,922		$	37,095		$	(183	)	$	(1,505	)(8)	$	204,727
Average assets	161,340			35,529			42,961			33,233			(1,657		)(8)(9)	271,406
Average deposits	128,000			14,877			6,049			5,028			n/a			153,954

	Quarter Ended Mar. 31, 2003
	Consumer Group
	Retail Banking and Financial Services			Mortgage Banking			Commercial Group			Corporate Support/ Treasury and Other			Reconciling Adjustments			Total
Condensed income statement:
Net interest income (expense)	$	934		$	676		$	319		$	(18	)	$	82	(1)	$	1,993
Provision (reversal of reserve) for loan and lease losses	18			(1		)	43			1			27		(2)	88
Noninterest income (expense)	572			836			96			(63		)	(146		)(3)	1,295
Inter-segment revenue (expense)	50			(50		)	—			—			—			—
Noninterest expense	928			662			126			139			(208		)(4)	1,647
Income (loss) from continuing operations before income taxes	610			801			246			(221		)	117			1,553
Income taxes (benefit)	230			304			88			(82		)	35		(5)	575
Income (loss) from continuing operations	380			497			158			(139		)	82			978
Income from discontinued operations, net of taxes	—			—			19			—			—			19
Net income (loss)	$	380		$	497		$	177		$	(139	)	$	82		$	997
Performance and other data:
Efficiency ratio	51.39		%(6)	41.79		%(6)	23.48		%(6)	n/a			n/a			50.09		%(7)
Average loans	$	116,239		$	42,571		$	34,614		$	(312	)	$	(1,121	)(8)	$	191,991
Average assets	128,308			67,094			42,948			44,353			(1,963		)(8)(9)	280,740
Average deposits	123,236			24,927			4,471			5,273			n/a			157,907

(1)Represents the difference between home loan premium amortization recorded by the Retail Banking and Financial Services segment and the amount recognized in the Company’s Consolidated Statements of Income.  For management reporting purposes, loans that are held in portfolio by the Retail Banking and Financial Services segment are treated as if they are purchased from the Mortgage Banking segment.  Since the cost basis of these loans includes an assumed profit factor paid to the Mortgage Banking segment, the amortization of loan premiums recorded by the Retail Banking and Financial Services segment includes this assumed profit factor and must therefore be eliminated as a reconciling adjustment.

(2)Represents the difference between the long-term, normalized net charge-off ratio used to assess expected loan and lease losses for the operating segments and the “losses inherent in the loan portfolio” methodology used by the Company.

(3)Represents the difference between gain from mortgage loans recorded by the Mortgage Banking segment and the gain from mortgage loans recognized in the Company’s Consolidated Statements of Income.  As the Mortgage Banking segment holds no loans in portfolio, all loans originated or purchased by this segment are considered to be salable for management reporting purposes.

(4)Represents the corporate offset for goodwill cost of capital allocated to segments.

(5)Represents the tax effect of reconciling adjustments.

(6)The efficiency ratio is defined as noninterest expense, excluding a cost of capital charge on goodwill, divided by total revenue (net interest income and noninterest income).

(7)The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).

(8)Includes the inter-segment offset of $1,505 million and $1,121 million as of the quarters ended March 31, 2004 and 2003 for inter-segment loan premiums that the Retail Banking and Financial Services segment recognized from the transfer of portfolio loans from the Mortgage Banking segment.

(9)Includes the impact to the allowance for loan and lease losses of $152 million and $842 million as of the quarters ended March 31, 2004 and 2003 that results from the difference between the long-term, normalized net charge-off ratio used to assess expected loan and lease losses for the operating segments and the “losses inherent in the loan portfolio” methodology used by the Company.

WM - 5

Washington Mutual, Inc.

Selected Financial Information

(dollars in millions, except per share data)

(unaudited)

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
PROFITABILITY
Net interest income	$	1,732		$	1,743		$	1,909		$	1,986		$	1,993
Net interest margin	2.89		%	2.90		%	3.07		%	3.22		%	3.28		%
Noninterest income	$	1,237		$	1,465		$	1,564		$	1,526		$	1,295
Noninterest expense	1,880			2,101			1,810			1,850			1,647
Basic earnings per common share:
Income from continuing operations	$	0.75		$	0.93		$	1.11		$	1.09		$	1.06
Income from discontinued operations, net	0.46			0.02			0.03			0.03			0.02
Net income	1.21			0.95			1.14			1.12			1.08
Diluted earnings per common share:
Income from continuing operations	$	0.73		$	0.91		$	1.09		$	1.07		$	1.05
Income from discontinued operations, net	0.45			0.02			0.02			0.02			0.02
Net income	1.18			0.93			1.11			1.09			1.07
Dividends declared per common share	$	0.42		$	0.41		$	0.40		$	0.30		$	0.29
Return on average assets(1)	1.54		%	1.21		%	1.41		%	1.43		%	1.42		%
Return on average common equity(1)	20.85			16.83			19.82			19.26			19.44
Efficiency ratio(2)(3)	63.34			65.51			52.13			52.66			50.09
ASSET QUALITY
Nonaccrual loans(4)	$	1,542		$	1,626		$	1,813		$	1,893		$	2,062
Foreclosed assets	307			311			293			307			325
Total nonperforming assets	1,849			1,937			2,106			2,200			2,387
Nonperforming assets/total assets	0.66		%	0.70		%	0.73		%	0.78		%	0.86		%
Restructured loans	$	107		$	111		$	118		$	89		$	99
Total nonperforming assets and restructured loans	1,956			2,048			2,224			2,289			2,486
Allowance for loan and lease losses	1,260			1,250			1,549			1,530			1,530
Allowance as a percentage of total loans held in portfolio	0.67		%	0.71		%	0.96		%	1.02		%	1.04		%
Provision (reversal of reserve) for loan and lease losses	$	56		$	(202	)	$	76		$	81		$	88
Net charge-offs	46			97			74			81			58
CAPITAL ADEQUACY
Stockholders’ equity/total assets	7.26		%	7.17		%	7.13		%	7.41		%	7.44		%
Tangible common equity(5)/total tangible assets(5)	5.21			5.26			5.26			5.26			5.26
Estimated total risk-based capital/risk-weighted assets(6)	10.82			10.94			11.54			11.68			11.68
SUPPLEMENTAL DATA
Average balance sheet:
Total loans held for sale	$	23,859		$	29,362		$	51,272		$	51,519		$	47,301
Total loans held in portfolio	180,868			167,033			152,696			147,708			144,690
Total interest-earning assets	239,979			241,718			249,892			246,851			242,791
Total assets	271,406			277,440			290,215			284,037			280,740
Total interest-bearing deposits	123,336			125,318			124,488			120,144			119,056
Total noninterest-bearing deposits	30,618			33,368			49,457			43,536			38,851
Total stockholders’ equity	20,088			20,027			20,657			21,112			20,523
Period-end balance sheet:
Loans held for sale	33,125			20,343			35,493			44,870			49,219
Loans held in portfolio, net of allowance for loan and lease losses	186,202			174,394			159,007			148,520			145,442
Interest-earning assets(2)	249,617			236,175			236,547			245,628			244,012
Total assets	280,768			275,178			286,631			283,120			277,041
Interest-bearing deposits	125,267			123,213			124,944			119,952			119,394
Noninterest-bearing deposits	35,714			29,968			39,197			46,505			40,478
Total stockholders’ equity	20,383			19,742			20,441			20,978			20,608

(1)Includes income from continuing and discontinued operations.

(2)Based on continuing operations.

(3)The efficiency ratio is defined as noninterest expense, divided by total revenue (net interest income and noninterest income).

(4)Excludes nonaccrual loans held for sale.

(5)Excludes unrealized net gain/loss on available-for-sale securities and derivatives, goodwill and intangible assets but includes MSR.

(6)Estimate of what the total risk-based capital ratio would be if Washington Mutual, Inc. were a bank holding company that is subject to Federal Reserve Board capital requirements.

WM - 6

Washington Mutual, Inc.

Selected Financial Information

(dollars in millions)

(unaudited)

	Quarter Ended
	Mar. 31, 2004						Dec. 31, 2003						Mar. 31, 2003
	Balance		Rate		Interest Income/ Expense		Balance		Rate		Interest Income/ Expense		Balance		Rate		Interest Income/ Expense
Average Balances and Weighted Average Interest Rates
Assets
Interest-earning assets:
Federal funds sold and securities purchased under resale agreements	$	1,026	1.34	%	$	3	$	414	2.26	%	$	2	$	5,132	1.25	%	$	16
Available-for-sale securities(1):
Mortgage-backed securities	9,999		4.35		109		12,584		4.14		130		26,209		5.30		347
Investment securities	19,073		3.29		156		27,386		3.24		223		14,927		4.53		169
Loans held for sale(2)	23,859		5.50		328		29,362		5.98		439		47,301		5.65		668
Loans held in portfolio(2):
Loans secured by real estate:
Home	102,691		4.24		1,089		94,713		4.41		1,045		83,103		5.21		1,083
Purchased specialty mortgage finance	14,016		5.21		182		11,799		5.05		149		10,075		5.95		150
Total home loans	116,707		4.36		1,271		106,512		4.48		1,194		93,178		5.29		1,233
Home equity loans and lines of credit	29,262		4.72		344		25,850		4.71		306		17,247		5.46		234
Home construction:
Builder(3)	1,117		4.42		12		1,073		4.67		13		1,056		5.03		13
Custom(4)	1,200		6.17		19		1,087		6.53		18		920		7.75		18
Multi-family	20,376		5.06		258		20,177		5.07		256		18,476		5.66		262
Other real estate	6,589		5.77		95		6,941		6.39		111		7,747		6.34		122
Total loans secured by real estate	175,251		4.57		1,999		161,640		4.69		1,898		138,624		5.44		1,882
Consumer	997		10.15		25		1,066		9.02		24		1,335		8.96		30
Commercial business	4,620		4.01		47		4,327		4.22		47		4,731		4.48		52
Total loans held in portfolio	180,868		4.58		2,071		167,033		4.71		1,969		144,690		5.44		1,964
Other	5,154		4.17		54		4,939		2.87		36		4,532		5.70		64
Total interest-earning assets	239,979		4.54		2,721		241,718		4.62		2,799		242,791		5.32		3,228
Noninterest-earning assets:
Mortgage servicing rights	5,872						6,408						5,456
Goodwill	6,196						6,196						6,208
Other(5)	19,359						23,118						26,285
Total assets	$	271,406					$	277,440					$	280,740
Liabilities
Interest-bearing liabilities:
Deposits:
Interest-bearing checking	$	67,431	1.28		214		$	67,896	1.44		247		$	58,222	1.92		276
Savings accounts and money market deposit accounts	26,915		0.75		50		27,667		0.81		56		27,968		1.07		74
Time deposit accounts	28,990		2.48		179		29,755		2.50		188		32,866		2.92		237
Total interest-bearing deposits	123,336		1.45		443		125,318		1.55		491		119,056		2.00		587
Federal funds purchased and commercial paper	3,493		1.08		10		3,872		1.08		11		1,698		1.31		6
Securities sold under agreements to repurchase	21,954		1.93		107		27,394		2.17		152		20,371		2.75		140
Advances from Federal Home Loan Banks	52,921		2.28		305		44,837		2.47		283		55,844		2.71		378
Other	14,032		3.56		124		13,675		3.51		119		14,096		3.54		124
Total interest-bearing liabilities	215,736		1.83		989		215,096		1.94		1,056		211,065		2.36		1,235
Noninterest-bearing sources:
Noninterest-bearing deposits	30,618						33,368						38,851
Other liabilities(6)	4,964						8,949						10,301
Stockholders’ equity	20,088						20,027						20,523
Total liabilities and stockholders’ equity	$	271,406					$	277,440					$	280,740
Net interest spread and net interest income			2.71		$	1,732			2.68		$	1,743			2.96		$	1,993
Impact of noninterest-bearing sources			0.18						0.22						0.32
Net interest margin			2.89						2.90						3.28

(1)     The average balance and yield are based on average amortized cost balances.

(2)     Nonaccrual loans were included in the average loan amounts outstanding.

(3)     Represents loans to builders for the purpose of financing the acquisition, development and construction of single-family residences for sale.

(4)     Represents construction loans made directly to the intended occupant of a single-family residence.

(5)     Includes assets of continuing and discontinued operations for the quarters ended December 31, 2003 and March 31, 2003.

(6)     Includes liabilities of continuing and discontinued operations for the quarters ended December 31, 2003 and March 31, 2003.

WM-7

	Mar. 31, 2004		Dec. 31, 2003		Sept. 30, 2003		June 30, 2003		Mar. 31, 2003
Deposits
Retail Deposits:
Checking:
Noninterest-bearing	$	15,107	$	13,724	$	14,033	$	13,244	$	12,771
Interest-bearing	66,618		67,990		66,009		61,131		59,820
Total checking	81,725		81,714		80,042		74,375		72,591
Savings and money market deposits	22,452		22,131		22,657		23,171		23,539
Time deposits (1)	24,128		24,605		25,356		26,591		27,851
Total retail deposits	128,305		128,450		128,055		124,137		123,981
Commercial business	7,038		7,159		6,451		6,083		5,702
Wholesale	6,219		2,579		4,711		3,287		3,147
Custodial and escrow(2)	19,419		14,993		24,924		32,950		27,042
Total deposits	$	160,981	$	153,181	$	164,141	$	166,457	$	159,872

(1)Weighted average remaining maturity of time deposits was 16 months at March 31, 2004, 14 months at December 31, 2003, 15 months at September 30, 2003, 16 months at June 30, 2003 and 15 months at March 31, 2003.

(2)Substantially all custodial and escrow deposits are noninterest-bearing checking.

	Mar. 31, 2004	Dec. 31, 2003	Sept. 30, 2003	June 30, 2003	Mar. 31, 2003
Retail Checking Accounts(1)
Accounts, beginning of period	8,066,332	7,882,946	7,637,914	7,461,320	7,258,555
Net accounts opened during the quarter	206,903	183,386	245,032	176,594	202,765
Accounts, end of period	8,273,235	8,066,332	7,882,946	7,637,914	7,461,320

(1)Retail checking accounts exclude commercial business accounts.  The information provided refers to the number of accounts, not dollar amounts.

	Mar. 31, 2004		Dec. 31, 2003	Sept. 30, 2003	June 30, 2003	Mar. 31, 2003
Retail Banking Stores
Stores, beginning of period	1,776		1,677	1,602	1,556	1,526
Net stores opened during the quarter	(21	)(1)	99	75	46	30
Stores, end of period	1,755		1,776	1,677	1,602	1,556

(1)  The Company consolidated 79 grocery store locations into larger, existing, retail banking stores.

	Mar. 31, 2004		Dec. 31, 2003		Sept. 30, 2003		June 30, 2003		Mar. 31, 2003
Assets Under Management	$	19,438	$	17,868	$	16,017	$	15,315	$	13,447

WM-8

	Quarter Ended
	Mar. 31, 2004		Dec. 31, 2003		Sept. 30, 2003		June 30, 2003		Mar. 31, 2003
Loan Volume
Home loans:
Adjustable rate	$	21,822	$	23,397	$	28,225	$	24,847	$	23,431
Fixed rate	21,564		28,105		83,360		80,107		72,032
Specialty mortgage finance(1)	7,113		6,031		5,460		4,658		4,529
Total home loan volume	50,499		57,533		117,045		109,612		99,992
Home equity loans and lines of credit	8,416		7,922		9,369		7,152		5,196
Home construction loans:
Builder(2)	273		636		787		606		477
Custom(3)	336		377		363		273		163
Multi-family	1,525		1,647		2,598		2,022		1,797
Other real estate	370		655		439		595		281
Total loans secured by real estate	61,419		68,770		130,601		120,260		107,906
Consumer	58		72		146		61		59
Commercial business	688		1,061		1,191		1,304		814
Total loan volume	$	62,165	$	69,903	$	131,938	$	121,625	$	108,779
Loan Volume by Channel
Retail	$	28,126	$	31,630	$	55,104	$	46,620	$	36,193
Wholesale	15,419		16,334		27,410		27,067		24,860
Purchased/correspondent	18,620		21,939		49,424		47,938		47,726
Total loan volume by channel	$	62,165	$	69,903	$	131,938	$	121,625	$	108,779
Refinancing Activity(4)
Home loan refinancing	$	33,233	$	36,817	$	90,762	$	87,772	$	82,632
Home equity loans and lines of credit and consumer	1,107		848		2,030		1,203		693
Home construction loans	12		6		16		13		12
Multi-family and other real estate	575		690		1,164		893		707
Total refinancing	$	34,927	$	38,361	$	93,972	$	89,881	$	84,044
Home Loan Volume by Index
Short-term adjustable-rate loans(5):
Treasury indices	$	13,440	$	13,021	$	7,076	$	5,510	$	4,539
COFI	110		151		124		198		249
Other	218		628		336		223		218
Total short-term adjustable-rate loans	13,768		13,800		7,536		5,931		5,006
Medium-term adjustable-rate loans(6)	12,814		13,667		24,138		22,070		21,530
Fixed-rate loans	23,917		30,066		85,371		81,611		73,456
Total home loan volume	$	50,499	$	57,533	$	117,045	$	109,612	$	99,992

Note:  Pursuant to regulatory guidance issued in December 2003, buyouts of delinquent mortgages contained within Government National Mortgage Association (GNMA) loan servicing pools must be classified as loans on the balance sheet.  Accordingly, total home loan volume includes GNMA pool buy-out volume of $1.05 billion, $1.30 billion, $1.67 billion, $1.46 billion and $2.52 billion for the quarters ended March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003.

(1)Represents purchased Specialty Mortgage Finance loan portfolios and mortgages originated by Long Beach Mortgage.

(2)Represents loans to builders for the purpose of financing the acquisition, development and construction of single-family residences for sale.

(3)Represents construction loans made directly to the intended occupant of a single-family residence.

(4)Includes loan refinancing entered into by both new and pre-existing loan customers.

(5)Short term is defined as adjustable-rate loans that reprice within one year or less.

(6)Medium term is defined as adjustable-rate loans that reprice after one year.

WM-9

	Change from Dec. 31, 2003 to Mar. 31, 2004				Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Loans by Property Type
Loans held in portfolio:
Loans secured by real estate:
Home	$		4,903		$	104,946		$	100,043		$	90,243		$	83,839		$	83,745
Purchased specialty mortgage finance	2,464				15,437			12,973			11,366			10,836			10,604
Total home loans	7,367				120,383			113,016			101,609			94,675			94,349
Home equity loans and lines of credit	3,617				31,264			27,647			24,060			20,505			18,089
Home construction:
Builder(1)	53				1,105			1,052			1,061			1,121			1,047
Custom(2)	97				1,265			1,168			1,032			963			926
Multi-family	255				20,579			20,324			20,191			19,482			18,618
Other real estate	(141			)	6,508			6,649			6,932			7,122			7,350
Total loans secured by real estate	11,248				181,104			169,856			154,885			143,868			140,379
Consumer	(74			)	954			1,028			1,121			1,207			1,280
Commercial business	644				5,404			4,760			4,550			4,975			5,313
Total loans held in portfolio	11,818				187,462			175,644			160,556			150,050			146,972
Less: allowance for loan and lease losses	(10			)	(1,260		)	(1,250		)	(1,549		)	(1,530		)	(1,530		)
Total net loans held in portfolio	11,808				186,202			174,394			159,007			148,520			145,442
Loans held for sale(3)	12,782				33,125			20,343			35,493			44,870			49,219
Total net loans	$	24,590			$	219,327		$	194,737		$	194,500		$	193,390		$	194,661

(1)Represents loans to builders for the purpose of financing the acquisition, development and construction of single-family residences for sale.

(2)Represents construction loans made directly to the intended occupant of a single-family residence.

(3)Fair value of loans held for sale was $33.23 billion, $20.34 billion, $35.53 billion, $44.87 billion and $49.23 billion as of March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003.

WM-10

	Change from Dec. 31, 2003 to Mar. 31, 2004			Mar. 31, 2004		Weighted Average Coupon Rate		Dec. 31, 2003		Weighted Average Coupon Rate		Mar. 31, 2003		Weighted Average Coupon Rate
Loans Secured by Real Estate and MBS
Selected loans held in portfolio secured by real estate(1):
Short-term adjustable-rate loans(2):
COFI	$	(888	)	$	9,878	4.86	%	$	10,766	4.93	%	$	14,318	5.32	%
Treasury indices	7,487			58,981		3.76		51,494		3.66		33,237		4.57
Other	3,892			30,759		4.78		26,867		4.81		20,794		5.57
Total short-term adjustable-rate loans	10,491			99,618		4.19		89,127		4.16		68,349		5.03
Medium-term adjustable-rate loans(3)	(367		)	53,209		5.51		53,576		5.56		43,991		6.26
Fixed-rate loans	1,115			19,399		6.80		18,284		6.91		18,715		7.72
Total loans held in portfolio secured by real estate(4)	11,239			172,226		4.89		160,987		4.94		131,055		5.83
Loans held for sale(5)	12,730			32,941		5.51		20,211		6.51		49,082		6.04
Total loans secured by real estate	23,969			205,167		4.99		181,198		5.12		180,137		5.89
MBS(6):
Short-term adjustable-rate MBS(2):
COFI	(306		)	4,964		3.82		5,270		3.87		10,529		4.20
Treasury indices	824			4,225		2.50		3,401		2.94		8,398		3.61
Other	—			9		3.08		9		3.15		3,440		5.61
Total short-term adjustable-rate MBS	518			9,198		3.21		8,680		3.50		22,367		4.20
Fixed-rate MBS	(224		)	1,272		6.38		1,496		6.35		3,535		6.42
Total MBS(7)	294			10,470		3.60		10,176		3.92		25,902		4.50
Total loans secured by real estate and MBS	$	24,263		$	215,637	4.92		$	191,374	5.05		$	206,039	5.72

(1)Includes total home loans, home equity loans and lines of credit and multi-family loans.

(2)Short term is defined as adjustable-rate loans and MBS that reprice within one year or less.

(3)Medium term is defined as adjustable-rate loans that reprice after one year.

(4)At March 31,  2004, December 31, 2003 and March 31, 2003, the adjustable-rate loans with lifetime caps were $149.33 billion, $138.58 billion and $109.24 billion with a lifetime weighted average cap rate of 12.20%, 12.21% and 12.61%.

(5)Excludes student loans.

(6)Excludes principal-only strips and interest-only strips.

(7)At March 31,  2004, December 31, 2003 and March 31, 2003, the adjustable-rate MBS with lifetime caps were $7.48 billion, $8.12 billion and $22.15 billion with a lifetime weighted average cap rate of 11.33%, 11.32% and 11.36%.

	Dec. 31, 2003 to Mar. 31, 2004
Rollforward of Loans Held for Sale
Balance, beginning of period	$	20,343
Loans originated and purchased	33,318
Loans sold and other	(20,536		)
Balance, end of period	$	33,125
Rollforward of Loans Held in Portfolio
Balance, beginning of period	$	175,644
Loans originated and purchased	28,847
Loan payments and other	(17,029		)
Balance, end of period	$	187,462

WM-11

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Home Loan Mortgage Banking Income (Expense)
Loan servicing fees	$	502		$	524		$	542		$	593		$	613
Amortization of mortgage servicing rights	(750		)	(604		)	(665		)	(1,032		)	(969		)
Mortgage servicing rights (impairment) recovery	(606		)	615			368			(309		)	37
Other, net	(66		)	(75		)	(220		)	(161		)	(132		)
Net home loan servicing income (expense)	(920		)	460			25			(909		)	(451		)
Revaluation gain (loss) from derivatives:
Mortgage servicing rights risk management	1,108			(314		)	(317		)	745			412
Loans held for sale risk management(1)	(66		)	8			145			(147		)	(195		)
Total revaluation gain (loss) from derivatives	1,042			(306		)	(172		)	598			217
Net settlement income from certain interest-rate swaps	167			190			130			84			140
Gain (loss) from mortgage loans(1)	171			63			(204		)	747			643
Loan related income	71			124			108			91			75
Gain from sale of originated mortgage-backed securities	—			61			258			—			1
Total home loan mortgage banking income	531			592			145			611			625
Impact of other mortgage servicing rights risk management instruments(2):
Gain (loss) from certain available-for-sale securities	5			(11		)	176			140			—
Total home loan mortgage banking income, net of other mortgage servicing rights risk management instruments	$	536		$	581		$	321		$	751		$	625

(1)Gain (loss) from mortgage loans net of revaluation gain (loss) from derivatives used for loans held for sale risk management was a net gain of $105 million for the quarter ended March 31, 2004, compared with a net gain of $71 million for the quarter ended December 31, 2003, a net loss of $59 million for the quarter ended September 30, 2003, a net gain of $600 million for the quarter ended June 30, 2003, and a net gain of $448 million for the quarter ended March 31, 2003.

(2)Includes only instruments designated for mortgage servicing rights risk management and does not include the effects of instruments held for asset/liability risk management.

WM-12

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Rollforward of Mortgage Servicing Rights (“MSR”)(1)
Balance, beginning of period	$	6,354		$	5,870		$	4,598		$	5,210		$	5,341
Home loans:
Additions	241			701			1,587			976			940
Amortization	(750		)	(604		)	(665		)	(1,032		)	(969		)
(Impairment) recovery	(606		)	615			368			(309		)	37
Sales	—			(231		)	(18		)	(247		)	(141		)
Net change in commercial real estate MSR	—			3			—			—			2
Balance, end of period(2)	$	5,239		$	6,354		$	5,870		$	4,598		$	5,210
Rollforward of Valuation Allowance for MSR Impairment
Balance, beginning of period	$	2,435		$	3,075		$	3,444		$	3,864		$	4,521
Impairment (recovery)	606			(615		)	(368		)	309			(37		)
Other than temporary impairment	—			—			—			(579		)	(536		)
Sales	—			(25		)	(1		)	(150		)	(84		)
Other	(6		)	—			—			—			—
Balance, end of period	$	3,035		$	2,435		$	3,075		$	3,444		$	3,864
Rollforward of Loans Serviced for Others
Balance, beginning of period	$	582,669		$	577,822		$	583,823		$	591,917		$	604,504
Home loans:
Additions	22,009			51,480			105,883			105,992			79,516
Sales	—			(195		)	—			(2,960		)	—
Loan payments and other	(46,058		)	(47,062		)	(111,834		)	(110,867		)	(92,556		)
Net change in commercial real estate loans serviced for others	1,187			624			(50		)	(259		)	453
Balance, end of period	$	559,807		$	582,669		$	577,822		$	583,823		$	591,917

	Mar. 31, 2004		Dec. 31, 2003		Sept. 30, 2003		June 30, 2003		Mar. 31, 2003
Total Servicing Portfolio
Loans serviced for others	$	559,807	$	582,669	$	577,822	$	583,823	$	591,917
Servicing on retained MBS without MSR	3,208		3,455		3,810		4,293		4,843
Servicing on owned loans	204,449		182,604		182,570		180,377		180,160
Subservicing portfolio	1,528		1,852		249		2,453		191
Total servicing portfolio	$	768,992	$	770,580	$	764,451	$	770,946	$	777,111

	Mar. 31, 2004
	Unpaid Principal Balance		Weighted Average Servicing Fee
			(in basis points, annualized)
Loans Serviced for Others by Loan Type
Government	$	62,334	50
Agency	370,582		29
Private	110,396		35
Specialty home loans	16,495		50
Total loans serviced for others(3)	$	559,807	34

(1)	Net of valuation allowance.
(2)	At March 31, 2004, aggregate mortgage servicing rights fair value was $5.25 billion.
(3)	Weighted average coupon rate (annualized) was 6.03% at March 31, 2004.

WM-13

	Quarter Ended
	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Allowance for Loan and Lease Losses
Balance, beginning of quarter	$	1,250		$	1,549		$	1,530		$	1,530		$	1,503
Allowance transferred to loans held for sale	—			—			—			—			(3		)
Allowance for certain loan commitments	—			—			17			—			—
Provision (reversal of reserve) for loan and lease losses	56			(202		)	76			81			88
	1,306			1,347			1,623			1,611			1,588
Loans charged off:
Loans secured by real estate:
Home	(16		)	(18		)	(22		)	(9		)	(15		)
Purchased specialty mortgage finance	(9		)	(11		)	(9		)	(9		)	(10		)
Total home loan charge-offs	(25		)	(29		)	(31		)	(18		)	(25		)
Home equity loans and lines of credit	(7		)	(2		)	(4		)	(4		)	(4		)
Home construction (1)	(1		)	(1		)	(1		)	—			—
Multi-family	—			(1		)	(4		)	—			—
Other real estate	(8		)	(52		)	(16		)	(21		)	(10		)
Total loans secured by real estate	(41		)	(85		)	(56		)	(43		)	(39		)
Consumer	(14		)	(14		)	(20		)	(18		)	(17		)
Commercial business	(6		)	(15		)	(19		)	(31		)	(14		)
Total loans charged off	(61		)	(114		)	(95		)	(92		)	(70		)
Recoveries of loans previously charged off:
Loans secured by real estate:
Home	—			1			7			2			—
Purchased specialty mortgage finance	1			1			1			1			1
Total home loan recoveries	1			2			8			3			1
Home equity loans and lines of credit	1			—			—			—			—
Multi-family	2			—			—			—			—
Other real estate	2			5			6			2			4
Total loans secured by real estate	6			7			14			5			5
Consumer	5			5			5			3			3
Commercial business	4			5			2			3			4
Total recoveries of loans previously charged off	15			17			21			11			12
Net charge-offs	(46		)	(97		)	(74		)	(81		)	(58		)
Balance, end of quarter	$	1,260		$	1,250		$	1,549		$	1,530		$	1,530
Net charge-offs (annualized) as a percentage of average loans held in portfolio	0.10		%	0.23		%	0.19		%	0.22		%	0.16		%
Allowance as a percentage of total loans held in portfolio	0.67			0.71			0.96			1.02			1.04

(1)Represents loans to builders for the purpose of financing the acquisition, development and construction of single-family residences for sale and construction loans made directly to the intended occupant of a single-family residence.

WM-14

	Mar. 31, 2004			Dec. 31, 2003			Sept. 30, 2003			June 30, 2003			Mar. 31, 2003
Nonperforming Assets and Restructured Loans
Nonaccrual loans(1):
Loans secured by real estate:
Home	$	622		$	736		$	760		$	804		$	954
Purchased specialty mortgage finance	615			597			553			483			479
Total home nonaccrual loans	1,237			1,333			1,313			1,287			1,433
Home equity loans and lines of credit	45			47			46			49			44
Home construction:
Builder(2)	23			25			31			31			38
Custom(3)	8			10			9			9			9
Multi-family	23			19			39			54			49
Other real estate	153			153			309			369			402
Total nonaccrual loans secured by real estate	1,489			1,587			1,747			1,799			1,975
Consumer	7			8			10			15			14
Commercial business	46			31			56			79			73
Total nonaccrual loans held in portfolio	1,542			1,626			1,813			1,893			2,062
Foreclosed assets	307			311			293			307			325
Total nonperforming assets	$	1,849		$	1,937		$	2,106		$	2,200		$	2,387
As a percentage of total assets	0.66		%	0.70		%	0.73		%	0.78		%	0.86		%
Restructured loans	$	107		$	111		$	118		$	89		$	99
Total nonperforming assets and restructured loans	$	1,956		$	2,048		$	2,224		$	2,289		$	2,486

(1)Excludes nonaccrual loans held for sale of $135 million at March 31, 2004.  Prior periods also reflect the exclusion of nonaccrual loans held for sale of $66 million, $67 million, $73 million and $72 million at December 31, September 30, June 30 and March 31, 2003.  Loans held for sale are accounted for at lower of aggregate cost or market value, with valuation changes included as adjustments to gain from mortgage loans.

(2)Represents loans to builders for the purpose of financing the acquisition, development and construction of  single-family residences for sale.

(3)Represents construction loans made directly to the intended occupant of a single-family residence.