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September 25, 2008
WaMu Is Undo
Remember these used to be that company Washington Mutual (WM)?
Washington Mutual Bank, the country's largest savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co., the New York banking giant that has long coveted the thrift's California and Florida branches.
With assets of $307 billion and deposits of $188 billion, Washington Mutual is the largest bank to fail in U.S. history.
Washington Mutual depositors won't lose access to any of their money, even if it wasn't fully insured, the Federal Deposit Insurance Corp. said.
"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC Chairman Sheila C. Bair said. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."
Washington Mutual, one of the country's largest mortgage lenders, was a victim of the housing downturn, recording $6.1 billion in losses in the nine months that ended June 30.
WaMu is a victim?
Posted by edelfenbein at September 25, 2008 10:46 PM
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