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Aug 17, 2023 · Headquartered in Henderson, Nevada, Washington Mutual (WaMu) was America’s largest savings and loan association before it failed on September 25, 2008. It had assets of $309 billion,...
Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
- Why Did Wamu Fail?
- Who Took Over Washington Mutual?
- Who Suffered The Losses?
Washington Mutual failed for five reasons. First, it did a lot of business in California. The housing market there did worse than in other parts of the country. In 2006, home values across the country started falling. That's after reaching a peak of almost 14% year-over-yeargrowth in 2004. By December 2007, the national average home value was down ...
On Sept. 25, 2008, the FDIC took over the bank and sold it to JPMorgan Chase for $1.9 billion. The next day, Washington Mutual Inc., the bank's holding company, declared bankruptcy.It was the second-largest bankruptcy in history, after Lehman Brothers. On the surface, it seems that JPMorgan Chase got a good deal. It only paid $1.9 billion for about...
Bondholders, shareholders, and bank investors paid the most significant losses. Bondholders lost roughly $30 billion in their investments in WaMu. Most shareholders lost all but 5 cents per share. Others lost everything. For example, TPG Capital lost its entire $1.35 billion investment. The WaMu holding company sued JPMorgan Chase for access to $4 ...
- Kimberly Amadeo
Sep 24, 2008 · Information for Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT. Introduction; Press Release; Unclaimed Deposits; Question and Answer Guide; Banking Services; Loan Customers; Possible Claims; Status of Washington Mutual Bank Receivership; Purchase and Assumption Agreement
Sep 26, 2008 · JPMorgan Chase has acquired the banking operations of Washington Mutual which was seized by US regulators on Thursday night in the biggest bank failure in US history. On Friday morning...
Oct 21, 2008 · The bank that eventually became known as Washington Mutual -- or simply WaMu -- had its beginnings in a glue pot. That glue pot boiled over in June 1889 in a downtown Seattle woodworking shop and started the Great Seattle Fire, which left 29 square blocks of downtown Seattle in ruins.
Sep 26, 2008 · Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in...
