'09 worst year for US credit card cos? Jan 1, 2009
Meanwhile, American Express is heavily exposed to troubled markets with high default rates such as Florida and California, and JPMorgan Chase s to digest the portfolio of failed savings and loans company Washington Mutual. Together, these six companies hold around 90 percent of the total US outstanding credit card debt. (India Times)
Judith Ann Alberts Jan 1, 2009
Remembrances to an education fund for his children at any Washington Mutual Bank. Arrangements by Crown. (OregonLive, OR -- News)
Street Closes On Rocky 2008 Jan 1, 2009
This comes after a year that saw the collapse or last-minute rescue of IndyMac, Bear Stearns, Lehman Brothers (nyse: - - ), Washington Mutual (nyse: - - ), American International Group (nyse: - - ), Fannie Mae (nyse: - - ) and Freddie Mac (nyse: - - ), among others. Markets around the world are closed in observance of New Year's Day Thursday, before returning for the first trading session of 2009 Friday. (Forbes -- Markets)
Housing, credit crises slammed bank stocks Jan 1, 2009
NEW YORK - While problems in banks' mortgage portfolios had surfaced some time before, 2008 was the year in which a landslide of deteriorating credit and concerns over capital took down industry stalwarts like Washington Mutual Inc. and Wachovia Corp., and sent stocks plunging to multiyear lows ... Though Wachovia had been struggling, the emergency sale of the Charlotte, N.C., bank was sparked by a run on deposits following the failure of Washington Mutual ... Shares of Washington Mutual had... (AZCentral -- Business)
Journal of a Plague Year: Faith in Markets Cracks Under $30 Trillion Loss Jan 1, 2009
In the largest U.S. bank failure, Seattle-based Washington Mutual Inc. collapsed in September with $307 billion in assets. There were 25 bank failures in 2008, the most in 15 years, according to the Federal Deposit Insurance Corp. The combined assets of lenders that failed in 2008 exceeds the total of those that collapsed in the preceding six years. (Bloomberg)
Full Story Jan 1, 2009
Broward Sheriff's Office deputies responded to the robbery of a Washington Mutual, located at 1100 E. Hillsboro Blvd., just after 11:30 a.m. with a massive show of force, including SWAT, but the subject escaped. Police said the robber was either armed or said he was armed when he took the unknown amount of money. (WSVN-TV Miami, FL)
After Brutal '08, Investors Look Ahead Jan 1, 2009
Others were forced into buyouts: Merrill Lynch, () Washington Mutual, Wachovia. (). (Investors Business Daily)
WaMu and Yahoo ranked as years top business stories in the valley Jan 1, 2009
About one in four readers said the top story was this year s consolidation in the banking industry, led locally by the blockbuster acquisitions of by , and Washington Mutual Savings by JPMorganChase. About the same number of readers rated the extended drama at as this year s biggest story, from the opening salvos of s attempted buyout to the thwarted alliance with Google Inc. and co-founder Jerry Yang s resignation as CEO.. (San Jose Business Journal, CA)
Loan issuance is lowest since 1994 Dec 31, 2008
Much of the loan slump came in the second half of the year, after Bear Stearns collapsed and Washington Mutual Inc was seized by regulators, sending convulsions through the financial system. As banks scrambled to limit risk, bridge or temporary loans became the only viable funding source for many companies. (MSNBC -- Business)
China forex watchdog wiser a/f WaMu Dec 31, 2008
HONG KONG: Chinas foreign exchange (forex) watchdog, the State Administration of Foreign Exchange (SAFE), will cut back on overseas equity buys next year after suffering major losses on the collapse of US lender Washington Mutual (WaMu), according to sources. Earlier this year, SAFE, which controls around $2 trillion of Chinas foreign reserves, agreed to invest up to $2. (India Times)
Yes, Virginia, There Were Winners Dec 31, 2008
Jamie Dimon: The JPMorgan Chase chief managed to buy the venerable Bear Stearns for a song and snatched up Washington Mutual for a similar tune. If that wasn't enough, Dimon also scored points for keeping his firm largely out of the buzz saw of junk mortgages and leveraged loans. (New York Post -- Business)
Judge Rules Against WaMu Confidentiality Request Dec 31, 2008
A federal bankruptcy judge on Tuesday denied a request by Washington Mutual Inc. to keep details of certain asset sales secret ... Washington Mutual Co. s attorneys have sought permission to redact details of asset purchase prices from sale notices that would be sent to interested parties ... WaMu, parent company of Washington Mutual Bank, filed for Chapter 11 reorganization along with its Washington Mutual Investment Corporation affiliate in late September. (Time.com)
Here Comes 2009 Dec 30, 2008
Fannie Mae and Freddie Mac are now being run by the U.S. government, while Washington Mutual collapsed and most of its assets were ultimately sold to JPMorgan Chase. The Bay Area fared somewhat better than the rest of the country, adding jobs while 1. (San Francisco Chronicle -- Business)
At Washington Mutual, a relentless urge to approve any loan Dec 30, 2008
"It was just disheartening," said Sherri Zaback, a mortgage screener for Washington Mutual ... - Kerry Killinger, chief executive of Washington Mutual, 2003 ... As a supervisor at a Washington Mutual mortgage processing center, John Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling those of stockbrokers. (International Herald Tribune)
Israel Strikes Back Dec 30, 2008
As part of their "The Reckoning" series on the financial crisis, the NYT publishes a at the incredibly lax lending practices at Washington Mutual, where employees were all but required to approve every loan application. Employees were discouraged from verifying facts on loan applications, no matter how ridiculous the claims sounded. (Slate)
A game change or a year Dec 28, 2008
Washington Mutual - but its even greater toll was to Americans' confidence in their futures. Their 401(k)s dwindled, their home values plunged, their employers downsized and their leaders panicked with bailouts that will saddle future generations with debt. (San Francisco Chronicle)
The Biggest CEO Firings Of 2008 Dec 28, 2008
Sunday, December 28, 2008. The biggest CEO firings of 2008 Matthew Kirdahy, Forbes. (Channelnewsasia.com)
Financial firm banking on Houston Dec 26, 2008
The remittance market was part of our initial thinking, but our customers steered us a lot quicker to where we wanted to go, says Alvarez, a former president of San Francisco-based credit-card issuer Providian Financial Corp., which was sold to Washington Mutual Inc. for $6. 5 billion in 2005. (Houston Business Journal, TX)
Claims against WaMu now total $7.8B Dec 26, 2008
The thousands of claims filed against bankrupt Washington Mutual by shareholders, business and citizens across the country total more than $7. 8 billion, according to recent documents filed in WaMu s Chapter 11 bankruptcy. (Puget Sound Business Journal, WA)
JPMorgan wont take WaMus Seattle office space Dec 26, 2008
will officially tell Seattle property owners on Christmas Eve what they ve already suspected: The new owner of Washington Mutual will not be taking over the bank s thousands of feet of downtown office space ... WaMu has leases at five downtown office buildings, including its former headquarters, Washington Mutual Tower ... JPMorgan (NYSE: JPM) will move all of WaMu s remaining employees and those on its transition team to WaMu Center, the 42-story high-rise tower that Washington Mutual built in... (Puget Sound Business Journal, WA)
News highlights Dec 26, 2008
Seattle-based thrift Washington Mutual Inc. in September became the biggest bank to collapse in U.S. history, with around $307 billion in assets. It was acquired by JPMorgan Chase & Co. for $1. (OregonLive, OR -- Business)
INVESTING: After the market's unraveling, an arduous recovery Dec 26, 2008
Banks including Lehman Brothers Holdings Inc. and Washington Mutual Inc. failed, and many others received government funding or were bought up in desperate shotgun deals. As investors recoiled and cashed out even their safe assets to build up reserves, the Dow Jones industrial average tumbled by as much as 47 percent from its October 2007 record. (North County Times)
Leading Wells' move into Charlotte Dec 26, 2008
Washington Mutual s sudden failure on Thursday, Sept. 25, had spooked large corporate depositors at Wachovia. They began a silent run on the bank the next day, while investors pushed its stock price off a cliff. (Charlotte Business Journal, NC)
After the Market's Unraveling, an Arduous Recovery Dec 25, 2008
Stocks face an uphill battle in 2009, even with record amounts of cash on the sidelines. By MADLEN READ AP Business WriterNEW YORK December 23, 2008 (AP) The Associated Press FONT SIZE. (ABC News -- Wire)
Damaged investors could slow a recovery Dec 25, 2008
"Investing? We're tight as it is.Decades from now, economic professors may well point to 2008 as the year capitalism went on life support. Home prices sank further than any mortgage lender could have imagined. Banks including Lehman Brothers Holdings Inc. and Washington Mutual Inc. failed, and many others received government funding or were bought up in desperate shotgun deals.As investors recoiled and cashed out even their safe assets to build up reserves, the Dow Jones industrial average... (MSNBC -- Business)
Feeling stressed? Dec 25, 2008
In the trade group's annual survey conducted between April and September about the time the feds seized control of Freddie Mac, Fannie Mae, and Washington Mutual (which was later sold to JPMorgan Chase), and gave AIG $85 billion for 80 percent of its stock more than half of 7,000 respondents said they're worried about job security and their ability to provide basic needs for their family. Fifty-three percent reported losing sleep. (MSNBC -- Business)
Hope still left in stocks for New year Dec 25, 2008
Banks including Lehman Brothers Holdings and Washington Mutual failed, and many others received government funding or were bought up in desperate shotgun deals. Continued. (India Times)
Claims against WaMu now total $7.8B Dec 25, 2008
The thousands of claims filed against bankrupt Washington Mutual by shareholders, business and citizens across the country total more than $7. 8 billion, according to recent documents filed in WaMu s Chapter 11 bankruptcy. (San Jose Business Journal, CA)
Top 10 global businesss stories of 2008 as voted by editors Dec 23, 2008
Washington Mutual Inc., with $307 billion in assets, collapsed in September, the largest bank failure in U.S. history. Merrill Lynch sought shelter after its stock plunged, agreeing to be taken over by Bank of America Corp. Wachovia Corp. agreed to be bought by Wells Fargo p. (The Star Online, Malaysia)
Derivatives Spread Pain From U.S. Defaults Dec 23, 2008
Published December 23, 2008 9:02 AM. PARKES, Australia (Dow Jones) -- In this town of 10,000 in what Australians call "the bush," administrator Alan McCormack has a headache. (SmartMoney)
QUESTIONS: Regulator let IndyMac, others backdate cash contributions Dec 23, 2008
By Pallavi Gogoi, USA TODAY The banking regulator in charge of overseeing two of this year's largest failed banks Washington Mutual and IndyMac Bancorp was removed from his job Monday. In what could be the first head to roll at a government regulatory agency from the financial turmoil, the Office of Thrift Supervision removed Darrel Dochow from his job as director of its western region. (USA Today -- Money)
Marine fights for his life after hit-and-run Dec 23, 2008
If you would like to make a donation to help William Alfonso visit your nearest Washington Mutual Bank or your can make donations on-line. Account Number: 442908058. (WSVN-TV Miami, FL)
The Biggest CEO Firings Of 2008 Dec 22, 2008
Martin Sullivan of American International Group (nyse: - - ) (let go in June), Kerry Killinger at Washington Mutual (nyse: - - ) (September) and Richard Fuld of Lehman Brothers (nyse: - - ) (leaving next month) are among the biggest names to be shown the door as a result of the economic crisis. Their distinguished company includes James Cayne of the now-deceased Bear Stearns and Richard Syron and Daniel Mudd, the former CEOs of the mortgage buyers Freddie Mac (nyse: - - ) and Fannie Mae (nyse: -... (Forbes)
Financial turmoil drives 'scared' customers to smaller banks Dec 22, 2008
collapsed, the government seized insurance giant American International Group, Washington Mutual became the largest bank failure in U.S. history, and an ailing Wachovia was acquired by Wells Fargo ... Still, compared with Washington Mutual's $307 billion in assets, the rest of the failed banks had a combined total of $65 billion in assets. (USA Today -- Money)
Officials investigate robbery attempt of ATM Dec 22, 2008
Police said someone may have tried to use construction equipment to steal the Washington Mutual ATM at Northwest 126th Street and Seventh Avenue early Monday morning. Police are not saying if any money was taken during the attempt. (WSVN-TV Miami, FL)
PNC races to wrap up National City takeover Dec 21, 2008
" PNC sold its mortgage-origination business to Washington Mutual in 2002, and likewise uses a third-party vendor to issue credit cards. Unhappy in Ohio The deal was, and remains, controversial in that PNC received what's been called a "sweetheart" deal because of tax breaks worth up to $725 million. To raise money for the purchase, PNC sold the government $8.8 billion in preferred shares and warrants, a chunk of the federal bailout investment package that some think should have gone to help... (Pittsburgh Post-Gazette, PA)
FBI Shifts Agents From Terror Work to Madoff, Wall Street Investigations Dec 21, 2008
He cites the bank failure at Washington Mutual -- the largest in U.S. history -- as an example of obstacles the FBI faces in showing if there was criminal wrongdoing. You can scratch your head and say, Was there criminality that happened there. (Bloomberg -- US)
Lease-back plan for homes fails Dec 20, 2008
Momentum's largest creditors include: Washington Mutual Bank of Jacksonville, Fla. $539,137; GMAC Mortgage of Waterloo, Ind, $1. (Albany Times Union)
For '08, top 10 stories come down to just one Dec 20, 2008
In the nation's biggest bank failure, Washington Mutual was seized by the Federal Deposit Insurance Corp., which engineered a sale of its assets to JPMorgan Chase. In October, struggling Wachovia was acquired by Wells Fargo. (MSNBC -- Business)
How India Avoided a Crisis Dec 20, 2008
But Yes Bank is not exactly the Washington Mutual of India. One news release it hands out to reporters who come calling is an excerpt from a 2007 survey by The Financial Express: #1 on Credit Quality amongst 56 Banks in India, reads the headline. (Atlanta Journal-Constitution -- Business)
When foreclosure limbo becomes a lifestyle Dec 19, 2008
So for the past four years, Lewis, 48, has seen her name on dozens of legal documents and spent hours in court as her mortgage holder, Washington Mutual Bank, pursued foreclosure on the only home she has ever owned ... Charneys defense of Lewis has been based largely on claims that Washington Mutual did not follow federal regulations by offering her a reasonable opportunity to get current and a face-to-face meeting before three monthly mortgage installments went unpaid, among... (MSNBC -- Business)
Sanderson bank closed Dec 19, 2008
Regulators have closed the most banks in 15 years, and the annual total now exceeds the combined toll for the previous six years, with the collapses of Washington Mutual Inc. and IndyMac Bancorp Inc. among the biggest in history. BB buy about 55 million of Haven s 572 million in assets and pay 112,000 for the failed bank s 515 million in deposits, the FDIC said. (Alpine Avalanche, TX)
Stewart Enterprises Reports Results for Fiscal Year 2008 Dec 19, 2008
The dramatic fall in the U.S. stock prices and the failure of several large institutions such as Lehman Brothers, Washington Mutual, Fannie Mae and Freddie Mac, have caused us to realize some losses in our trust portfolios and have resulted in a substantial decline in the value of our trust assets ... The magnitude of the market decline in such a short time frame during the Company's fiscal fourth quarter, the failure of several large institutions such as Lehman Brothers, Washington Mutual,... (Primezone Releases)
WaMu owes Washington 'substantial sum' of taxes Dec 18, 2008
Washington Mutual headquarters on Second Avenue in Seattle. The Washington state Department of Revenue is owed a substantial sum in tax revenue by bankrupt Washington Mutual, according to the state s assistant attorney general ... Mosner declined to specify the type of tax owed by Washington Mutual or the specific amount, but that information will be made public when it s filed with the bankruptcy court. (Puget Sound Business Journal, WA)
Mortgage Rates Left in Dust by Treasury Yields, Failed Lenders Dec 18, 2008
Since June, Countrywide, Washington Mutual and Charlotte, North Carolina-based Corp., three of the top eight lenders, were acquired by rivals. The credit crunch for remaining non-bank lenders such as Taylor, Bean & Whitaker Mortgage Corp., the largest independent mortgage company, is also limiting options for home buyers. (Bloomberg)
FDIC to raise premiums to boost fund Dec 17, 2008
So far this year, 25 banks have failed, including big mortgage lenders Washington Mutual and IndyMac, requiring the FDIC to draw down the deposit insurance fund, which started the year at $52. 4 billion. (Boston Globe)
Wachovia tops J.D. Power survey of home equity lines of credit Dec 17, 2008
Fourth place Washington Mutual Inc., which scored 732 points in the J.D. Power survey, was the largest U.S. bank to fail because of the credit crisis ... Wachovia; Bank of America, 743 points; SunTrust Bank, 741 points; Washington Mutual; National City; Wells Fargo (NYSE:WFC), 718 points. (Pittsburgh Business Times, PA)
Sheriff: Carmel Bank Robbed Dec 16, 2008
Less than three weeks ago, another bank, Washington Mutual, was robbed in the area ... In fact, on Nov. 26, a similar robbery hit a Washington Mutual just a few miles away. (KSBW 8, CA)
Banks to request removal of hats, hoods, sunglasses Dec 16, 2008
Lt. Wess Griffin of the Flower Mound Police Department said the program has been in discussion for a while, and the robbery at Washington Mutual on Cross Timbers Road on Dec. 1 served as a reminder of how the town needed to implement it. There s no need to re-invent the wheel, Griffin said of the program. (McKinney Courier-Gazette, TX)
The man who is unwinding Lehman Dec 15, 2008
Weil is also handling bankruptcy filings by Washington Mutual, Pilgrim's Pride, Sharper Image and others, and Weil lawyers say representatives of other teetering companies are calling all the time. Besides advising American International Group, the insurance giant that needed a huge federal bailout to stave off collapse, Weil is handling 13 bankruptcy filings this year. (International Herald Tribune -- Business)
Homeowners seek strength in numbers Dec 14, 2008
The effort had its first big event this month, when about 60 homeowners met at a law office in Pacoima with representatives of Chase Bank, which now also handles loans serviced by Washington Mutual. "Individually, they won't listen to us. If we come together as a community, maybe we have a chance," said Jose Hernandez, 28, a special education teacher who is hoping to save the home where he lives with his mother and father, two sisters, and three nieces, all pooling their resources to make the... (Boston Globe)
FOXBusiness: Economic Data to Chew On in Week Ahead Dec 14, 2008
Prior to joining FOX, he served as first vice president and manager of economic analysis and research at Washington Mutual in New York. Before that, he served as senior vice president at Dime Savings Bank of New York (which was later acquired by Washington Mutual), where he specialized in credit and risk management. (Fox News)
Editorial: Audit? Sure, with bidding Dec 14, 2008
and Washington Mutual. But is it the only firm in the nation that is qualified. (Sacramento Bee -- Opinion)
The man who is unwinding Lehman Brothers Dec 14, 2008
Weil is also handling bankruptcy filings by Washington Mutual, Pilgrim's Pride, Sharper Image and others, and Weil lawyers say representatives of other teetering companies are calling all the time. In addition to advising the American International Group, the insurance giant that needed a huge federal bailout to stave off collapse, Weil is handling 13 bankruptcy filings this year alone. (International Herald Tribune -- Business)
News highlights Dec 13, 2008
Victims include Lehman Brothers and Washington Mutual, the two largest corporate bankruptcies in U.S. history. Thousands of smaller companies -- from car dealerships to home remodelers to retailers -- also have been forced to liquidate or restructure through bankruptcy. (OregonLive, OR -- Business)
First Financial Northwest, Inc. Names Strategic Development Officer Dec 13, 2008
Mr. Gaspard also served at Washington Mutual, Inc. as Senior Vice President, Manager Government and Industry Relations. At Washington Mutual, Mr. Gaspard managed the company's public policy and legislative activities nationwide. (Primezone Releases)
DOJ tells PNC to sell 61 NatCity branches Dec 12, 2008
National City's nearly 30,000 employees, from top managers to bank tellers, were informed during the afternoon of the order from the Department of Justice. " The department's order wasn't a surprise; PNC Chairman James Rohr said when the 5.6 billion deal was announced Oct. 24 that the combined bank might be forced to sell branches in western Pennsylvania because of antitrust concerns. The bank becomes the nation's fifth largest by deposits and the fourth biggest in terms of branches. The Justice... (Somerset Daily American, PA)
Letters to the Editor Dec 12, 2008
By contrast, encouraging banks to become even bigger as an alternative to nationalisation Lloyds TSB takes over HBOS, JPMorgan buys the assets of Washington Mutual means that the survivors, if they ever get into trouble, will have to be rescued by their governments too. Adrian RobsonLondon. (The Economist)
BoA eyes laying off 30,000 Dec 12, 2008
JPMorgan Chase is shedding about 7,000 employees, or 10 percent, of its investment bank staff, and cutting 9,200 jobs at Washington Mutual, the bank it acquired in September. Goldman Sachs Group and Morgan Stanley, meanwhile, are reducing their staffs by about 10 percent. (NJ.com -- Times)
Phishing season: Don't get hooked Dec 12, 2008
Rebecca Anderson wrote on Dec 8, 2008 1:01 PM:Yes, it's the season all right, I received a call from "Washington Mutual" offering $25 gas card, they just needed to verify my information & I must talk to their insurance agent, when the agent didn't know anything about the gas card I hung up & called e my bank, they said it was a scam. so now I have to change my accounts. (Coos Bay-North Bend The World, OR)
Why home values may take decades to recover Dec 12, 2008
The failed titans of home lending Countrywide Financial, IndyMac Bank and Washington Mutual specialized in high-risk, highly leveraged loans. "The price correction has been severe, rapid and probably permanent because lending standards have changed," says mortgage credit analyst Suzanne Mistretta, a senior director at Fitch Ratings, a bond rating company. (USA Today -- Money)
FDIC CHIEF: Housing pain expected to last into 2010 Dec 12, 2008
Twenty-three banks have failed so far this year amid the economic tumult, including Seattle-based thrift Washington Mutual Inc. in September, the biggest bank collapse in U.S. history. That compares with three failures for all of 2007 and is far more than in the previous five years combined. (USA Today)
MGIC among S&P's biggest decliners Dec 12, 2008
5 percent, and Washington Mutual, down 99. 7 percent. (Milwaukee Business Journal, WI)
'Pay option' loans could swell defaults Dec 11, 2008
The next wave (of foreclosures) is coming next year and in 2010, and that is primarily due to these pay-option ARMS and the five-year, adjustable-rate hybrid ARMS that are coming up for reset, said William Longbrake, retired vice chairman of Washington Mutual. The giant Seattle-based bank, which collapsed this year under the weight of its bad mortgage loans, was one of the biggest originators of pay-option ARMs during the lending boom. (MSNBC -- Business)
Manhunt For Bank Robber Continues Dec 11, 2008
Sacramento County Sheriff's deputies said a man robbed the Washington Mutual Bank on the 9100 block of Kiefer Boulevard at about 11 a.m. Tuesday. Authorities said the man demanded money from a bank teller and after getting the money, the he took off on a bicycle. (KCRA 3, CA)
