A writefree. Production
Title Wamu Collapses at night published to more ...
go to website
Cached
WAMU 88.5 - American University Radio
WAMU 88.5 - American University Radio. Your NPR News Station in the Nation's Capital. ... Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive.
more ...
go to website
Cached
wamu.org : WAMU News
Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive. Call our traffic tipline: (202)885-8855.
more ...
go to website
Cached
wamu.org : News : 2004 Archives
Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive. Call our traffic tipline: (202)885-8855.
more ...
go to website
Cached
Washington Mutual News - Topix
News on Washington Mutual continually updated from thousands of sources around the net. ... Washington Mutual News News on Washington Mutual continually updated from thousands of ...
more ...
go to website
Cached
JPMorgan Buys WaMu Deposits as Regulators Seize Failed Thrift
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co. became the biggest U.S. bank by deposits, acquiring Washington Mutual Inc. 's branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history. Customers of WaMu ...
more ...
go to website
Source: Bloomberg
NewsDateTime: 1 hour ago
WaMu Is Seized to Avoid Failure
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in an 11th-hour bid to prevent the largest bank failure in American history. Regulators simultaneously ...
more ...
go to website
Source: The Ledger
NewsDateTime: 47 minutes ago
WaMu becomes biggest bank to fail in US history
NEW YORK (Associated Press) - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks _ Washington Mutual Inc. _ has collapsed under the weight of its enormous bad bets on the mortgage market. The ...
more ...
go to website
Source: CNN Money
NewsDateTime: 1 hour ago
U.S. engineers sale of WaMu to JPMorgan
For JPMorgan, this is the second government-sponsored rescue. With the Federal Reserve's aid, Dimon agreed in March to absorb Wall Street's Bear Stearns Cos., the first in a series of "too big to fail" deals that have included government takeovers of ...
more ...
go to website
Source: Los Angeles Times
NewsDateTime: 39 minutes ago
Reports: JPMorgan to buy WaMu deposits, branches
JPMorgan Chase & Co. has struck a deal to acquire the deposits and some of the branches of beleagured thrift Washington Mutual Inc., according to news reports late Thursday. WaMu's shares plummeted 73 percent to 45 cents in after-hours trading. The ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 5 hours ago
WaMu's Decline
In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading.
David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.''
New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged.
JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy.
`They're Going to Win'
``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.''
JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said.
JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said.
``We don't know and we don't care'' about rival bids for WaMu, he said.
Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details.
Write-Offs
JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal.
Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process.
The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops.
Customer Deposits
WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984.
JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year.
WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade.
During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
`No Mystery'
``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.''
WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance.
WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively.
``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said.
Rise of WaMu
Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets.
Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion.
Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans.
``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
Videos from YouTube
Title: WaMu Struggles As Lehman Looks for Lifeline
Categories: News,struggles,wamu,lifeline,lehman,washington,mutual,
Published on: 9/11/2008 3:31:38 PM
Title: WaMu Looking for Buyer
Categories: News,buyer,wamu,washington,mutual,
Published on: 9/19/2008 6:37:29 PM
Title: Wamu Commercial!
Categories: dudes,old,lol,Entertainment,lame,joke,wamu,washington,mutual,commercial,
Published on: 3/18/2007 9:13:19 PM
Title: banking another way
Categories: Entertainment,way,banking,another,
Published on: 2/15/2007 9:13:18 PM
Title: Washington Mutual Advertisement
Categories: power,lending,Comedy,home,washington,commercial,mutual,funny,loans,money,banks,comedy,advertisement,
Published on: 8/9/2006 7:25:50 PM