WaMu's Deposits Seized by Regulators

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Title WaMu's Deposits Seized by Regulators at

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JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire the deposits of Washington Mutual Inc. as the thrift was seized by regulators in the biggest bank failure in U.S. history. JPMorgan will pay $1.9 billion, the Federal Deposit Insurance Corp. said in a statement today. It won't acquire liabilities including claims by equity, subordinated and senior debt holders, the FDIC said. WaMu, based in Seattle, collapsed after its credit rating was slashed to junk and potential suitors passed on making a bid. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week. WaMu in March rebuffed a takeover offer from JPMorgan that WaMu valued at $4 a share. ``JPMorgan is getting a steal compared with what they were going to pay,'' said Scott Adams, a pension and investment analyst at the American Federation of State, County and Municipal Employees in Oakland, California, which owns WaMu shares. ``It's very tragic.''

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Crisis Deepens as Big Bank Fails - WSJ.com
... that helped fuel the housing boom, was seized Friday by federal regulators, in ... collapse is expected to cost the Federal Deposit ... 5. WaMu's Rescue Effort Gets a Boost
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Washington Mutual shares end erratic session lower
... its retail franchise to the West Coast, where WaMu's deposit ... In addition, 11 retail banks have been seized by the ... Federal banking regulators, who ratcheted up their scrutiny ...
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IndyMac Bank seized by federal regulators | MetaFilter
IndyMac Bank seized by federal regulators July 11, 2008 4:25 PM Subscribe ... I'm looking at WaMu's rates right now, and they're ... non-borrowed deposits at US banks...had gone into ...
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WaMu stock takes a wild ride
... its retail franchise to the West Coast, where WaMu’s deposit ... In addition, 11 retail banks have been seized by the ... Federal banking regulators, who ratcheted up their scrutiny ...
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WaMu shares end lower despite talk of buyout
... its retail franchise to the West Coast, where WaMu's deposit ... In addition, 11 retail banks have been seized by the ... Federal banking regulators, who ratcheted up their scrutiny ...
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Reports: Feds to seize WaMu; JPMorgan to buy deposits, branches
Washington Mutual, the nation's biggest savings and loan, may be seized by regulators tonight and JPMorgan Chase & Co. may buy WaMu's deposits and branches, according to news reports. If confirmed, it would rank as one of the biggest banking failures ...
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Source: USA Today Blogs
NewsDateTime: 53 minutes ago

End is near for WaMu, reports say
Morgan to acquire most of the deposits and branches of Washington ... CNBC reported late this afternoon that federal regulators will take ... deal, including how much JPMorgan would pay and which of WaMu's $309.7 billion in assets would be seized by ...
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Source: Seattle Times
NewsDateTime: 1 hour ago

JPMorgan Buying WaMu Deposits, Assets
Federal regulators have been heavily involved in orchestrating the transaction, which comes as WaMu was besieged by a ... Morgan's acquisition of WaMu's deposits wasn't immediately known, except that the New York bank, which has long coveted WaMu as ...
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Source: Smart Money
NewsDateTime: 53 minutes ago

Report: JPMorgan to buy Washington Mutual deposits
Washington Mutual Inc. may be seized by regulators later today and parts sold to JPMorgan ... to the CNBC television network, and New York-based JPMorgan will buy deposits ... WaMu's fate played out as Congress tried to reach an accord that will ease the ...
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Source: Newark Star-Ledger
NewsDateTime: 1 hour ago

Washington Mutual on JPMorgan's menu
Washington Mutual  may be seized by regulators later today and parts sold to JPMorgan Chase ... to the CNBC television network, and New York-based JPMorgan will buy deposits ... WaMu's fate played out as Congress tried to reach an accord that will ease the ...
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Source: The Age
NewsDateTime: 53 minutes ago


he lender is the latest victim of a credit crunch that forced Lehman Brothers Holdings Inc. into bankruptcy, drove Merrill Lynch & Co. to sell itself to Bank of America Corp. and brought about the Federal Reserve-financed purchase of Bear Stearns Cos. by JPMorgan. Treasury Secretary Henry Paulson's $700 billion plan to prop up the U.S. banking industry by buying distressed mortgages wasn't enough to save the company. 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 Corp., previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. Option ARMS WaMu has fallen 95 percent in 12 months on losses tied to subprime lending and lost $6.3 billion in the past three quarters. 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. WaMu was the second-biggest provider of option ARMs, behind Wachovia, 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. JPMorgan, Citigroup Inc., Wells Fargo & Co., Banco Santander SA and Toronto-Dominion Bank had all expressed interest in buying all or parts of WaMu, according to a person familiar with the matter. WaMu also approached Carlyle Group and Blackstone Group LP, two people briefed on the matter said. 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 as chances decreased that any deal wouldn't be a buyout of the whole company, leaving creditors of the holding company to face substantial losses.

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