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WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History
Life Insurance Protect your loved ones, leave them with choices — not expenses Learn More. Employer-based Plans Give employees financial security with employee benefits and group investments. Employer-based Plans Give employees financial security with employee benefits and group investments Learn More. We always had our eye on it. The deal to sell WaMu to JPMorgan Chase effective protects its customers, mostly based in Seattle, although WaMu shareholders and bondholders will most likely lose everything.
For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning.
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But in a time where Americans are seeing one insurance bank or another fail, the fact that Washington Mutual was mostly saved from going under is not likely to give solace to a nervous public. It was unique in its size and exposure to higher risk mortgages and the distressed housing market.
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This is the big one that everybody was worried about. Towards the beginning of , then-CEO Kerry Killinger said that the company would be slowing down its housing business and decreasing the number of subprime mortgage lending and servicing of loans.
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As more and more borrowers became delinquent on their mortgages, Washington Mutual tried to refinance loans that would prevent default or foreclosure. As evidenced by their takeover, that move came too late. For the U.
Consumers did not spend as vigorously and businesses were trimming their investments, a sure sign that confidence was not high even before the financial markets became to run into trouble. While that fell short of the 3. As pressure mounted on Capitol Hill to approve a bailout plan to help Wall Street, President Bush briefly addressed the nation Friday morning saying that while there were still disagreements on the bailout plan, immediate action was needed.
He is trying to bring rebellious members of his own party behind the plan, the Associated Press reported. Providing programing to nearly 1 million listeners on-air, online, and on demand.
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