Washington Mutual news stories on Newser

Perry Gave Huge Tax Grants to Subprime Lenders

Matt Cantor — Mon, 03 Oct 2011 10:03:26 CDT

Rick Perry handed mortgage lenders millions to draw them to Texas—right when their risky lending practices surged. The governor gave Countrywide $20 million and Washington Mutual $15 million in what he called an exemplary job-creation move; in effect, that $35 million subsidized dangerous subprime lending, an AP analysis of...

Washington Mutual Wrote a Subprime Rap Song

Kevin Spak — Wed, 14 Apr 2010 10:12:34 CDT

“I like big bucks, and I cannot lie/You mortgage brothers can’t deny.” Those are actual lines from an actual horrible rap knockoff that was actually performed at the Washington Mutual President’s Club Awards Dinner in 2006—you know, around the same time that the company was building itself a “ mortgage...

WaMu 'Poisoned' Financial System: Senate Report

Kevin Spak — Tue, 13 Apr 2010 10:15:00 CDT

Washington Mutual made subprime loans it knew would go bad, then packaged them into risky securities, creating a “mortgage time bomb,” according to a Senate report. The permanent investigations subcommittee is grilling former WaMu execs this morning. The report also says the bank packaged and sold loans it knew were...

JPMorgan Plans Relief for $110B in Mortgages

Nick McMaster — Fri, 31 Oct 2008 14:22:04 CDT

JPMorgan Chase will help distressed homeowners by reducing interest rates or principal balances for $110 billion in mortgages, Bloomberg reports. The restructuring applies to clients of Washington Mutual, which JPMorgan agreed to buy last month. Foreclosures will be suspended on all loans for the next 90 days while the relief...

Letters to Dimon: You'll 'Die in 10 Days'

Peter Fearon — Thu, 23 Oct 2008 06:50:44 CDT

A flurry of letters threatening the life of JPMorgan CEO Jamie Dimon, as well as an Oklahoma City-style bombing of a bank facility, are being investigated by the Postal Investigation Service. ABC News reports a $100,000 reward has been posted for information about the 45-plus letters, all postmarked last...

Battered Wachovia Shops for Buyers

Matt Cantor — Sat, 27 Sep 2008 11:31:19 CDT

Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain’s Banco Santander to help guard it from the financial market crisis. While the bank says it’s not in immediate danger, shares at Wachovia, which holds a $120 billion...

JPMorgan Chief Had Long Drooled Over WaMu

Nick McMaster — Fri, 26 Sep 2008 14:45:02 CDT

The failure of Washington Mutual was an opportunity for JPMorgan Chase CEO Jamie Dimon, who long held a desire to buy the bank, the Seattle Times reports, and saw its large West Coast presence as particularly attractive. Now Dimon, who incorporated Bear Stearns earlier this year, has used the credit...

Stocks Sink; Bush Pledges Deal

Kevin Spak — Fri, 26 Sep 2008 08:52:20 CDT

Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a brief...

European Markets Slide as US Rescue Talks Stall

Clay Dillow — Fri, 26 Sep 2008 07:14:23 CDT

European markets swooned on news of the US bailout troubles and the failure of Washington Mutual, the Wall Street Journal reports. The Dow Jones Stoxx 600 fell 1.5%, Germany’s DAX index slipped 1.4%, and the UK’s FTSE 100 and France’s CAC-40 each shed 1.3%. In Asia, Japan’s...