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- 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.
www.thebalancemoney.com/washington-mutual-how-wamu-went-bankrupt-3305620Washington Mutual (WaMu): How It Went Bankrupt - The Balance
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What happened to Washington Mutual? Headquartered in Henderson, Nevada, Washington Mutual (WaMu) was America’s largest savings and loan association before it
- 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
Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
Jun 20, 2012 · Washington Mutual, the country’s largest savings and loan bank, fell into the latter camp. Despite its size – the bank had $307 billion in assets – it wasn’t quite big enough to be...
Sep 24, 2008 · On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as ...
Sep 25, 2008 · After depositors withdrew more than $16 billion in less than two weeks, Washington Mutual Bank has been acquired by JPMorgan, federal regulators confirmed late Thursday.
Mar 11, 2023 · Washington Mutual’s demise was followed by a “systemwide failure,” as more than 500 federally insured banks collapsed in the following seven years, The New York Times reported Friday.
