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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 WaMu Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
Aug 17, 2023 · Washington Mutual (WaMu) was the largest savings and loan association in the U.S. before it collapsed in 2008 due to subprime lending and mortgage-backed securities. JPMorgan Chase bought WaMu in a secret auction by the Federal Reserve to avoid a wider financial crisis.
Oct 12, 2021 · Learn how Washington Mutual (WaMu), a conservative savings and loan bank, failed in 2008 due to subprime mortgages, housing market collapse, and deposit run. Find out who took over WaMu, who suffered the losses, and how the bankruptcy affected the financial crisis.
- Kimberly Amadeo
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Jun 20, 2012 · Kirsten Grind, author of \"The Lost Bank\", reveals the inside story of Washington Mutual, the biggest bank failure in American history. She explains how WaMu's lack of political clout and its CEO's reluctance to sell to JPMorgan Chase contributed to its downfall.
A book by Kevin Wack reveals the behind-the-scenes drama and mismanagement that led to the largest bank failure in U.S. history. Read excerpts, reviews and analysis of the book and the lessons for the banking system.
The FDIC was appointed the Receiver of WAMU in 2008 and transferred its assets and liabilities to JPMC. The Receiver settled several lawsuits with JPMC, DBNTC, and FDIC-C, and distributed over $2 billion to claimants.
Sep 26, 2008 · Washington Mutual, one of the nation’s largest savings and loans, was sold to JPMorgan Chase in 2008 to avoid a taxpayer bailout. The deal protected customers but not shareholders and bondholders, who lost everything in the mortgage crisis.
