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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.
- September 25, 1889; 134 years ago
- US$15.962 billion
- 49,403
- Seattle, Washington, United States
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 · WaMu was the country's largest savings and loan bank in 2008, but it was seized by the government and sold to JPMorgan Chase for $1.9 billion. The author of "The Lost Bank" explains why it happened and what lessons can be learned from its failure.
- Potential For Distributions to Subordinate Note and Equity Holders
- Bankruptcy Case
- Interim Dividend Distribution
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On the day after WAMU failed, its holding company, Washington Mutual, Inc. ("WMI"), filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Case”). WMI owned all WAMU shares of stock and was the sole equity holder of WAMU. The Receiver does not currently have and does not antici...
After WMI filed the Bankruptcy Case, WMI, JPMC, the FDIC in its corporate capacity (“FDIC-C”), and the Receiver became involved in several lawsuits contesting the ownership of over $20 billion in assets. The parties reached a settlement in the Bankruptcy Case that was approved by the FDIC's Board of Directors on May 20, 2010, and WMI filed a plan o...
As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership, according to the priorities established in 12 U.S.C. § 1821(d)(11)(A). After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the r...
The FDIC was appointed the Receiver of Washington Mutual Bank in 2008, after it failed with $307 billion assets and over 2,300 branches. The Receiver sold the assets and liabilities to JPMorgan Chase Bank, N.A. and distributed the proceeds to the creditors. The Bankruptcy Case was resolved in 2012, and the Receiver received $843.9 million from WMI and DBNTC.
Jun 11, 2012 · WASHINGTON — The housing -fueled rise and rapid fall of Washington Mutual may be the most forgotten story of the financial crisis. Four years later, we still hear about Lehman Brothers, Bear Stearns, and Tarp, but not about the largest bank failure in U.S. history.
Oct 21, 2008 · Share. Washington Mutual sprang into existence in Seattle in 1889 as a two-person operation and eventually became the largest savings-and-loan in the nation. It began as Washington National Building Loan and Investment Association right after Seattle's devastating fire in 1889, dedicated to helping Seattle rebuild.
