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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.
Bank of America: 1997 Washington Mutual: Great Western Financial CorporationGreat Western Bank: Washington Mutual: $6.8 billion JPMorgan Chase: 1997 First Union Corporation: Signet Banking Corporation First Union Corporation: Wells Fargo: 1997 National City Corp. First of America Bank National City Corp. PNC Financial Services: 1997 Banc One ...
By September 12, 1917, it was operating under the name Washington Mutual Savings Bank. [3] In mid 2008 WaMu suffered a massive run where customers pulled out $16.7 billion in deposits in a ten-day span. On the night of September 25th the Office of Thrift Supervision seized WaMu Bank and placed it into the receivership of the FDIC.
Through a case study of Washington Mutual Bank (WaMu), the Report found that in 2006, WaMu began pursuing high risk loans to pursue higher profits. A year later, these mortgages began to fail, along with the mortgage-backed securities the bank offered. As shareholders lost confidence, stock prices fell and the bank suffered a liquidity crisis. [5]
Reckless credit practices at Washington Mutual Bank were detailed Tuesday at a hearing held by a Senate subcommittee investigating the role of high-risk home loans in the financial crisis. The ...
The bank was acquired by Washington Mutual in 1997 for $6.8 billion. Great Western Bank was held by Great Western Financial Corporation ("GWFC"), a corporation organized under the laws of the state of Delaware that was traded on the New York Stock Exchange under the stock symbol "GWF". [5]
The credit crisis caused the near-collapse of big mortgage lender Washington Mutual. JPMorgan bought most of the faltering company and cut redundant staff, including 9,200 workers in December 2008 ...
The FDIC was "successor in interest" to Washington Mutual Bank. Chase's purchase of the bank from the FDIC was for Washington Mutual Bank only and it occurred by a Purchase & Assumption Agreement [56] and not "by operation of law" from the receivership. As a result of the takeover, Washington Mutual shareholders lost all their equity. [57]