Washington Mutual FDIC Seizure

A http://hrhughes.

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Production
The Federal Deposit Insurance Corp. plans to take control of Seattle-based WaMu, the biggest U.S. savings and loan, according to the CNBC television network, and New York-based JPMorgan will buy deposits and branches, the Wall Street Journal said, without citing any sources. The FDIC insurance fund is not expected to contribute any money, the Journal said. WaMu's fate played out as Congress tried to reach an accord that will ease the global credit crunch, which has already driven Lehman Brothers Holdings Inc. and IndyMac Bancorp out of business, and Bear Stearns Cos. and Merrill Lynch & Co. into hastily arranged rescues. As many as five banks had considered bids for WaMu without making an offer, balking in part because the lender faced as much as $19 billion in mortgage loan losses. Resolving WaMu's situation ``is a positive,'' said Patrick Becker Jr., who oversees $2 billion as chief investment officer at Becker Capital Management in Portland, Oregon. ``That's been a big cloud over the market and financial shares.'' His firm does not own JPMorgan or WaMu shares. WaMu and JPMorgan officials didn't return calls seeking comment. Five banks that were considering bids, including JPMorgan Chase & Co., have failed to make an offer in the week since WaMu put itself up for sale. WaMu also approached Carlyle Group and Blackstone Group LP, two people briefed on the matter said.

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Washington Mutual's Rating Cut to Junk
... this week in the wake of the U.S. government's seizure of ... failure in U.S. history, putting stress on the Federal Deposit Insurance Corp. to cover depositors. Washington Mutual ...
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Regulators Close Two More National Banks - washingtonpost.com
... their deposits, according to the Federal Deposit Insurance Corp ... 11, in the third-largest federal seizure of a financial company. Mutual ... 2008 The Washington Post Company
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Bank Failure Claims IndyMac - Is Washington Mutual Next on FDIC ...
Bank Failure Claims IndyMac - Is Washington Mutual Next on FDIC Problem Banks List? ... The July 11th FDIC seizure of IndyMac came a short ten days after IndyMac denied ...
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Bank Failure Claims IndyMac... Is Washington Mutual Next on the FDIC ...
The July 11th FDIC seizure of IndyMac last week came a short ten days after IndyMac denied it was close to collapse. I imagine that there were a lot of hushed tones and worried ...
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FDIC answers banking queries
... and government seizure of savings and loan giant IndyMac Bank and heightened anxiety this week over the financial stability of No. 1 thrift Washington Mutual ... The FDIC has a ...
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What is to be Done? An Interview with Bert Ely
... because they don't already own banks - each, in fact, either owned small FDIC ... regulatory failures, specifically the losses arising from the delayed seizure of ... What about Washington Mutual ( WM )? You saw our analysis.
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Source: Seekingalpha.com
NewsDateTime: 9/24/2008

Top stories in this morning's USA TODAY
WASHINGTON — A new government program aims to make it more difficult for terrorists to steal dangerous radioactive material from the nation's hospitals and medical research labs to make "dirty bombs." WASHINGTON — From the start of Tuesday's ...
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Source: USA Today Blogs
NewsDateTime: 9/24/2008

Site Presented By
Oh, and in other news, my bank, Washington Mutual, seems to be exciting a lot of interest in ... Ever since the government seizure of Fannie and Freddie, it has been a tenet of ... thing the Treasury or the Federal Reserve want to see happen is for the FDIC ...
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Source: Salon
NewsDateTime: 9/19/2008

FDIC answers banking queries
Amid the recent collapse and government seizure of savings and loan giant IndyMac Bank and heightened anxiety this week over the financial stability of No. 1 thrift Washington Mutual Inc. , consumers are concerned about the safety of their bank ...
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Source: Allentown Morning Call
NewsDateTime: 9/17/2008

Mortgage firm takeovers called critical step
Yesterday's seizure of two major mortgage finance companies, Fannie Mae and Freddie ... You may read about the Savings and Loans Crisis at http://www.fdic.gov/bank ... Millions of middle class people obtain dividends from mutual funds. The more money ...
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Source: New Hampshire Union Leader
NewsDateTime: 9/9/2008


Deal Pressure WaMu came under increasing pressure to strike a deal as its stock sagged and ratings companies pummeled its debt. Standard & Poor's yesterday cut WaMu's rating for the second time in nine days, dropping it to CCC from BB-. WaMu's regulator, the Office of Thrift Supervision, and the Federal Deposit Insurance Corp., which guarantees customer deposits, have declined to comment. WaMu fell 57 cents, or 25 percent, to $1.69 at 4 p.m. in New York Stock Exchange composite trading. The stock skidded about 88 percent this year, the biggest decline in the 24- company KBW Bank Index. WaMu is the only junk-rated company in the index. A record 392 million WaMu shares changed hands today, more than twice the daily average this month and seven times the average over the past year, Bloomberg data show.

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