CIT files for bankruptcy protection, debt US$65bil Nov 2, 2009
The bankrupcty protection filing is one of the biggest in U.S. corporate history, following Lehman Brothers, Washington Mutual, WorldCom and General Motors ... Washington Mutual Inc., Sept. 26, 2008, $327. (The Star Online, Malaysia -- Business)
North Fork Agrees to Buy GreenPoint for $6.3 Billion Nov 2, 2009
"There is no question the consumer model works,'' the chief executive of North Fork, John A. Kanas, said in an interview yesterday. He said that his bank was eager to acquire GreenPoint, which is based on Park Avenue in Manhattan, because of the "scarcity value" of banking deposits in the region, and added that he expected that more banks and savings and loans in the area would become takeover targets in the months ahead. Already, the New York banking market has attracted plenty of interest from... (Yahoo News -- Banking & Financial Services)
Nine US banks acquired in one-day haul Nov 1, 2009
The largest institution to fail in the current financial crisis was Washington Mutual, which boasted $307 billion in assets when it was shuttered in September 2008. US Bancorp on Friday acquired the nine banks that had been held by FBOP Corp, picking up $18. (India Times)
Dimon: Dump Too Big To Fail Oct 31, 2009
In some cases, such as Washington Mutual, bondholders were wiped out. But in other cases they werent, and in the case of AIG, even counterparties were made whole. (Newsmax)
U.S. Bancorp Gets $18 Billion Seized Bank Assets Oct 31, 2009
The largest institution to fail in the current financial crisis was Washington Mutual, which boasted $307 billion in assets when it was shuttered in September 2008. Visibly worried employees lined up to file into Cal National's head offices in the heart of a deserted downtown Los Angeles on a chilly Friday evening, where they had their employers' fate explained to them, regulators said. (ABC News -- Wire)
Nine U.S. Banks Seized in Largest One-Day Haul Oct 31, 2009
The largest institution to fail in the current financial crisis was Washington Mutual, which boasted $307 billion in assets when it was shuttered in September 2008. U.S. Bancorp on Friday acquired the nine banks that had been held by FBOP Corp, picking up $18. (ABC News -- Business)
An uncelebrated century Oct 30, 2009
The demise of Washington Mutual, the biggest bank to fail in America so far in this crisis, means that banks accounting for more than 3% of the system s total assets have fallen during the current cycle already, compared with 4. 4% of assets over the entire S&L episode. (The Economist)
Judge Lets Huge WaMu Securities Lawsuit Advance Oct 29, 2009
Federal judge in Seattle lets multibillion dollar Washington Mutual securities lawsuit proceed ... A judge has refused to dismiss a multibillion dollar securities fraud case against former officers, directors, accountants and underwriters of Washington Mutual Bank, which collapsed last year in the biggest bank failure in U.S. history. (ABC News -- Wire)
Second Time's the Charm for Plaintiffs in WaMu Complaint Oct 29, 2009
Seattle federal district court Judge Marsha Pechman didn't much care for how Bernstein Litowitz Berger and Grossmann presented their allegations in a 388-page complaint against various former Washington Mutual officers and directors, underwriters and the auditing firm Deloitte & Touche ... The allegations in the case center on Washington Mutual's residential lending practices. (Law.com)
Session offers home lifeline Oct 29, 2009
Among the banks sending mortgage mitigation specialists will be Bank of America and its affiliate Countrywide; Chase and its affiliates from the former Washington Mutual; EMC Mortgage Corp.; and Wells Fargo. Confidential advice from counselors certified by the U.S. Department of Housing and Urban Development will be offered. (Modesto Bee, CA)
Wonk Watch 10.26.09 Oct 27, 2009
Barry Ritholtz declared today Real Estate Monday and began the day with a recasting facts presented in a two-part Seattle Times series ( and ) that uncovers the reckless course that doomed [Washington Mutual. Interviews with former employees and internal documents reveal that the bank systematically dismantled controls meant to prevent the bank from taking on too much risk. (Slate)
Washington Mutual Sues to Get Billions Back From FDIC Oct 27, 2009
Last week, Washington Mutual Inc. had its first chance to try to claw back some of the billions of dollars in assets the holding company argues were wrongfully stripped away when the government seized and sold its banking operations to JPMorgan Chase & Co. ... The Federal Deposit Insurance Corp. took control of Washington Mutual's bank on Sept. 25, 2008 ... In Washington Mutual's case, the FDIC lost nothing. (Law.com)
The Coming Financial Time Bomb Oct 26, 2009
The run on Washington Mutual, which began the day of Lehman's collapse, led to the largest bank failure in U.S. history in mere weeks. One Wells Fargo senior economist estimated the employment fallout from Lehman's bankruptcy at 2 million job losses. (MSNBC -- Business)
Number of failed US banks exceeds 100 Oct 24, 2009
The largest bank failure in the current crisis was that of Washington Mutual, which had assets of $307 billion when it was shuttered in September 2008. Federal Deposit Insurance Corp said the banks that were closed on Friday were Partners Bank in Florida, American United Bank in Georgia, Hillcrest Bank Florida and Flagship Naitonal Bank in Florida. (India Times, India)
The truth about banks and dogs Oct 24, 2009
"I have talked to some senators who asked me to talk to them, and if people want to talk to me, I talk to them. But I am not going around knocking on doors.As I wrote in (Asia Times Online, Mar 29, 2008) and (Asia Times Online May 23, 2009) banks have assumed pole position on government balance sheets, in effect taking whatever they can; essentially at will. The blame for this does not lie with capitalism, but rather with the government's intentions to play around with that system - and... (Asia Times Online)
The quest for credit Oct 24, 2009
He visited Bank of the West and what was then Washington Mutual to talk about financing the move and expansion. I got shot down before I could sit in a chair, Stewart said. (Austin Business Journal, TX)
Paid mortgage in full but not yet free and clear Oct 24, 2009
"After numerous calls and a lot of grief from PNC, I was told their mortgages were sold to Washington Mutual, and WaMu said they just sold everything to Chase," Zimmerman said. "I have faxed and e-mailed all documentation I had and have gotten nowhere." He has hired a lawyer, too. (Herald Online, SC -- Lifestyles)
N.Y. Firms Remain Strong in D.C. Despite Slight Drop in Numbers Oct 24, 2009
The firm, including lawyers from the Washington office, has , General Motors Corp. and Washington Mutual Inc. It also. Jeffrey Cunard, managing partner of Debevoise & Plimpton's Washington office, said his firm was able to post a 9. (Law.com)
The bust hits boomtown that banks built Oct 22, 2009
Other cities less focused on financial services also have taken hits, including Cleveland, which lost its largest bank, National City, and Seattle, home to the giant mortgage lender Washington Mutual, which became the largest bank to fail in U.S. history. In Charlotte, the number of people served by the soup kitchen at Urban Ministry, a local charity, has increased 22 percent since August 2007, while the number of private airplanes arriving and departing from Charlotte-Douglas International... (MSNBC -- Business)
CIT's $6bn loan offer from Icahn Oct 20, 2009
If CIT, founded more than a century ago, went bankrupt it would join Lehman Brothers and Washington Mutual on the list of large financial services companies to collapse since the acceleration of the credit crisis in September last year. But analysts say that if it did fail, it would be unlikely to have the same impact. (BBC News -- Americas)
Change in appraisals causing uproar Oct 19, 2009
In the wake of the mortgage meltdown, Cuomo sued an appraisal management company, accusing it of inflating property appraisals under pressure from its largest client, Washington Mutual bank, which later failed. The new rules apply to appraisals for loans that will eventually end up at Fannie Mae or Freddie Mac. (Atlanta Journal-Constitution -- Business)
Foreclosure sales for Oct. 19-23, 2009 Oct 18, 2009
Washington Mutual Bank v. Ronald Wilson, et al, 773 Barger Drive, Deltona, single-family residence. US Bank v. Oreste Rojas, et al, 1167 Briarwood Ave., Deltona, single-family residence. (Daytona Beach News Journal -- Business)
California bank becomes 99th in US to be closed in 2009... Oct 18, 2009
Seattle-based thrift Washington Mutual Inc. fell in September 2008 with about $307 billion in assets, the largest U.S. bank failure ever. JPMorgan Chase cquired it for $1. (The Drudge Report)
South Florida bank deposits reach record $153B Oct 17, 2009
6 percent from Washington Mutual s total the year before. A massive withdrawal of deposits led to the failure of Washington Mutual. (South Florida Business Journal, FL)
Few lessons learnt from crisis Oct 17, 2009
What's more, the government is fanning the flames of consumer entitlement, said Todd Kaufman, chief executive officer of Alta Community Investment, who led a team at Washington Mutual that encouraged the boom in lending by packaging loans into bonds. "The government is sending a very poor message to people ... you were screwed by your bank and we'll take care of you," he said. (Sydney Morning Herald -- Business)
Well-Known Port Townsend Man Suspected In Several Bank Robberies Oct 17, 2009
The first known holdup was in Seattle on Feb. 4 at a Washington Mutual Branch, followed by robberies in San Francisco and Sacramento, police said. In each case Fenter allegedly escaped with tens of thousands in cash, always leaving behind a fake bomb. (KIRO TV, WA)
Schumpeter: Someone to watch over them Oct 16, 2009
It is notable that one of the first things that some of America s troubled banks, including Citigroup, Washington Mutual, Wachovia and Wells Fargo, did when the crisis hit was to separate the two jobs. These arguments are so compelling that it is tempting to dismiss the opposition out of hand. (The Economist)
Indictments at Versailles show how 'straw buyer' works Oct 16, 2009
Buyers Pablo Aponte-Torres and Ericson Perez, though, got more than they bargained for: According to federal charges unsealed this week, the two lied on mortgage documents to secure generous home loans in the tony State Road 7 community, leaving lender Washington Mutual Bank high and dry when they defaulted ... This second purchase would be paid for with a home loan from Washington Mutual Bank ... According to the charges, buyers got fat mortgages in part because they lied on loan applications... (The Palm Beach Post)
IBD's Top 10 - Wednesday Oct 15, 2009
Last year's Bear Stearns and Washington Mutual buys helped JPMorgan , as did a surge in bond trading. JPMorgan rose 3%, leading financials higher. (Yahoo News -- Press Releases)
JP Morgan results beat forecasts Oct 15, 2009
JP Morgan said it had also benefited from the impact of buying most of the assets of Washington Mutual, which it acquired in September 2008 after it had been seized by regulators. The bank repaid its $25bn of US government rescue funds in June. (BBC News -- Americas)
JPMorgan Chase tops outlook for 3Q Oct 15, 2009
JPMorgan Chase acquired the banking operations of Seattle-based Washington Mutual last fall. Most Read Stories. (Puget Sound Business Journal, WA)
Community clinics crucial in health reform Oct 15, 2009
Wendi Niehuis, an information security analyst from Walnut Creek, lost her job with Washington Mutual in February. Eight months later, she has cashed in her retirement plan, but feels she is one serious illness away from financial ruin. (MSNBC -- Health)
Bank Robbery Suspect 'John Doe' Identified Oct 15, 2009
Police believe he used the same method to rob a Washington Mutual branch in downtown Seattle in February, causing havoc as a police bomb squad worked to disarm that device. Fenter is believed responsible for the April robbery of a Bank of America in San Francisco and the August robbery of a Wells Fargo in Sacramento, police said. (KIRO TV, WA)
8 indicted on mortgage fraud charges in Wellington's Versailles deals Oct 15, 2009
The Palm Beach County Mortgage Fraud Task Force said Tuesday that the group schemed to defraud Washington Mutual Bank of $8. 5 million in mortgage money for five homes. (The Palm Beach Post)
Police Arrest Tacoma Bank Robber, But Need His Identity Oct 14, 2009
Police believe Doe used the same method to rob a Washington Mutual branch in downtown Seattle in February, causing havoc as a police bomb squad worked to disarm that device. Doe, believed to be around 40 years old, matches the description of a man wanted in the April robbery of a Bank of America in San Francisco and the August robbery of a Wells Fargo in Sacramento, police said. (KIRO TV, WA)
Zombie Stocks Refuse to Die Oct 13, 2009
Washington Mutual and AIG Survive on Pink Sheets Markets ... Washington Mutual and AIG survive on Pink Sheets markets ... Washington Mutual (WaMu), American International Group (AIG), Fannie Mae and Freddie Mac, have posted strong percentage gains amid the stock market's recovery. (ABC News -- Business)
Stock questions? Ask Matt Oct 12, 2009
Still others, such as Washington Mutual, were pushed into marriages with more solid institutions ... As for Washington Mutual, you can why I'm against stocks listed on the Pink Sheets or OTC bulletin board ... Washington Mutual's stock collapsed as the bank strained under the weight of bad mortgage loans. (USA Today -- Money)
Investors to US companies: Show us higher sales Oct 12, 2009
81 billion, reflecting the acquisition of Washington Mutual Inc. a year ago. In the same quarter of last year, the company reported profits of 11 cents per share on revenue of $14. (Sydney Morning Herald -- Business)
Zombie stocks (like AIG, WaMu, Lehman Bros.) just refuse to die Oct 12, 2009
Some less-informed investors figure large stock moves by beaten-down stocks such as AIG and Fannie Mae that still are listed on major exchanges, mean firms such as Washington Mutual and Lehman that have filed for bankruptcy protection must surge, too ... WaMu "is far from being a zombie stock," says Hans Brost, founder of Washington Mutual Equity Group, which operates a website to compile pending legal action with the company. (USA Today -- Money)
Citigroup hires Washington 'insider' Oct 12, 2009
Hohlt was the longtime lobbyist for Washington Mutual, which collapsed in 2008, becoming the biggest bank failure in history. Hohlt has also represented the mortgage finance giant Fannie Mae, which was taken over by the government in September 2008 because of billions in mortgage losses. (India Times)
North Fork Agrees to Buy GreenPoint for $6.3 Billion Oct 11, 2009
"There is no question the consumer model works,'' the chief executive of North Fork, John A. Kanas, said in an interview yesterday. He said that his bank was eager to acquire GreenPoint, which is based on Park Avenue in Manhattan, because of the "scarcity value" of banking deposits in the region, and added that he expected that more banks and savings and loans in the area would become takeover targets in the months ahead. Already, the New York banking market has attracted plenty of interest from... (Yahoo News -- Banking & Financial Services)
Fresno First Bank nets profit Oct 10, 2009
An attempt by former Washington Mutual Inc. employees to recoup their retirement account losses from JPMorgan Chase part of a complex tangle of litigation stemming from WaMu's collapse last year, has been dismissed. Some former WaMu directors and individuals who served on 401(k) fund committees remain partly on the hook, but the New York banking giant cannot be held liable for mismanagement that may have occurred before the Federal Deposit Insurance Corp. seized what was once the nation's... (Fresno Bee)
Ken Lewis' Retirement Pay Oct 9, 2009
The Equilar analysis included a review of compensation for former CEOs of AIG, Citigroup, Countrywide, Merrill Lynch, Wachovia and Washington Mutual who resigned or retired from the firms in the last two years ... 5 million), Washington Mutual's Kerry Killinger ($18. (ABC News -- Business)
5 charged in S.F. in scheme to steal from bank Oct 8, 2009
Fields was charged with conspiracy to commit bank fraud for allegedly withdrawing $23,200 from three Washington Mutual accounts and giving the money to L.S.. In March, prosecutors charged Joanna Sizemore, 27, of Oakland with conspiracy to commit bank fraud. (San Francisco Chronicle -- Crime)
Evidence big four are among the crisis winners Oct 8, 2009
Large US banks have increased 00004000 shares on issue by a less strenuous 39 per cent, and within that group there is an A-Team that has issued big tranches of shares to complete bargain-basement acquisitions: key deals were Wells Fargo's takeover of Wachovia, JPMorgan's acquisition of Washington Mutual, and PNC's acquisition of National City. As a group, the big US banks have increased their combined NTA per share by 29 per cent.. (Sydney Morning Herald -- Business)
Former WaMu execs' lawyers want shareholder lawsuit tossed out Oct 7, 2009
Earlier on Tuesday, Pechman ruled that another shareholder lawsuit regarding Washington Mutual s retirement plan would be allowed to move forward. None of WaMu s officers or directors were in attendance at the afternoon hearing in Seattle. (Puget Sound Business Journal, WA)
Merrill Lynch Saps Shareholders at BoFA Oct 7, 2009
and Washington Mutual Inc.. There's also a glaring difference: While making its purchases, JPMorgan diluted its shareholders by only 16. (SmartMoney)
3Q fund guide: How to repair your nest egg after recession Oct 6, 2009
American Funds Washington Mutual s A. $5,094. (USA Today -- Money)
Umpqua and Ferguson Wellman agree to exclusive partnership Oct 5, 2009
Since its takeover of Washington Mutual, JPMorgan Chase is bringing still more wealth management options to the Portland area. But last year s financial meltdown and the subsequent scrutiny of national banks has led many to reconsider who they do business with, Davis said. (The Business Journal of Portland, OR)
Bernanke May Compromise on Regulatory Powers Oct 1, 2009
In its reform plan, it only went as far as proposing a merger of the OCC and the OTS, after the OTS was widely criticized for the failures last year of Washington Mutual and IndyMac on its watch. . (Fox News)
And the loser is... Oct 1, 2009
It remains to be seen if the thought of a few days in Reykjavik is enough to tempt the partners of TPG, a private-equity firm that lost its shirt on Washington Mutual, a mortgage bank, or Joe Lewis, a British billionaire who put $1. 2 billion into Bear Stearns at an average price of $107 per share just months before the investment bank was sold to JPMorgan Chase for less than a tenth of that. (The Economist)
Foreclosures Sep 30, 2009
Washington Mutual Bank v. Donna E. Baran, et al, 1861 E. Spruce Creek Blvd., Port Orange, single-family residence. Wednesday. (Daytona Beach News Journal -- Business)
The right keeps getting it wrong Sep 30, 2009
They also blame big government, when it was too-big-to-fail financial firms like AIG, Merrill-Lynch, Citibank, Washington Mutual, Countrywide, etc. that wrecked the economy, then tapped their Wall Street pal running the Treasury for billions in bailout funds. (Coos Bay-North Bend The World, OR)
The downfall of Washington Mutual Sep 26, 2009
Source: Puget Sound Business Journal reporting, WaMu deposit reports Washington Mutual experienced not one but two bank runs in its final months ... Washington Mutual s closing price: $1. (Puget Sound Business Journal, WA)
Citi may make seismic shift in its retail strategy Sep 25, 2009
As the banking sector crumbled following the collapse of giants such as Lehman Brothers and Washington Mutual, Citi tried unsuccessfully to acquire Charlotte, N.C.-based Wachovia Corp. in an attempt to expand its retail banking footprint and expand its deposit base ... Wells Fargo & Co. beat out Citigroup to acquire Wachovia, while JPMorgan Chase & Co. added Washington Mutual's retail operations after the Seattle-based bank failed. (MSNBC -- Business)
Union Bank names new CFO Sep 25, 2009
Woods was CFO of JP Morgan Chase s Home Lending business and before that was a financial executive at Washington Mutual Inc.. He was also a senior vice president with the Federal Home Loan Mortgage Corp.. (San Jose Business Journal, CA)
Report: Citigroup to Scale Back US Footprint Sep 24, 2009
Citi currently operates about 1,000 U.S. branches, much fewer than the 5,000-plus run by Bank of America Corp. and JP Morgan Chase which expanded its network with the takeover of Washington Mutual last year. While the moves would be designed to help the bank work "smaller-but-smarter," the paper said some Citi executives are concerned that the U.S. government, which owns a 34 percent stake in Citi, could balk at branch closings. (ABC News -- Business)
Post-Crisis Financial Watchdogs: A New Push for Reform Sep 22, 2009
Congress cant go back to the American people and say business as usual," countered Elizabeth Warren, the Harvard University professor who chairs the Congressional Oversight Panel of the Troubled Asset Relief Program, the $700 billion financial bailout Congress approved in October. Hearing It Out On Wednesday, the House Financial Services Committee kicks off a run of 11 hearings over three weeks on regulation reform. At the first hearing, Treasury Secretary Timothy Geithner will make his... (Fox News)
Editorial: Talk isnt enough to fix Wall Street Sep 22, 2009
So did Washington Mutual. There was the fire sale of Merrill Lynch and Bear Stearns. (Beverly Citizen, MA)
Collapse still haunts former WaMu workers Sep 21, 2009
One year after Washington Mutual became the largest bank in U.S. history to fail, former employees are still grappling with questions about their own actions, the motives of top executives and the folly of a nation gripped by a housing boom ... JAMES MEACHAM was at ground zero for some of Washington Mutual's most questionable home loans ... " (Killinger says he doesn't recall that conversation.)WaMu kept expanding in Chicago, eventually opening about 170 branches. But the company put them in... (Longview Daily News, WA)
Economics focus: What if? Sep 15, 2009
That same week derivatives markets put the odds of default for Washington Mutual, a large thrift (or savings bank), at 85. Many of the big financial institutions that received bail-outs in the wake of Lehman s failure, such as American International Group (AIG) and UBS and Fortis in Europe, would probably have needed one sooner or later anyway. (The Economist)
Get Ready for More Bank Failures Sep 15, 2009
The biggest bank failure of the crisis occurred on Sept. 25, 2008, when the FDIC closed down Washington Mutual and arranged for it to be bought by JPMorgan Chase (). Another big failure was on July 11, 2008, when the FDIC, at a cost of $10. (BusinessWeek)
Investors still smarting from lesson Sep 14, 2009
Casualties of the crisis included not just Lehman but mortgage giants Fannie Mae and Freddie Mac, insurer American International Group, and banks Merrill Lynch, Washington Mutual, and Wachovia all forced to either accept government takeovers or be acquired by competitors at extremely low prices. Video. (MSNBC -- Business)
Wall Street's new shape: Rearranging the towers of gold Sep 12, 2009
Rules have been bent or broken: JPMorgan breached the 10% market-share ceiling for deposits when it took over Washington Mutual, for instance. According to Inside Mortgage Finance, a newsletter, nearly half of American mortgages made in the first half of the year came from Wells Fargo, which took over Wachovia, or BofA, which swallowed Countrywide. (The Economist)
MELTDOWN FLASHBACK: Friday, Sept. 12, 2008 Sep 12, 2009
WAMU TROUBLES: Investors are skeptical of Washington Mutual s assurances that it has enough capital to survive the banking crisis ... Washington Mutual s stock ends the week down 36 percent. (Orangeburg Times and Democrat, SC)
