WaMu – News Stories About WaMu - Page 1

JPMorgan Plans Relief for $110B in Mortgages

Oct 31, 2008 2:22 PM CDT

JPMorgan Plans Relief for $110B in Mortgages

WaMu customers included in measure to avoid foreclosures

(Newser) - 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...

'Silent Run' Doomed Wachovia

Oct 2, 2008 4:32 PM CDT

'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

(Newser) - Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally insured limit.

Dow Up 485 in Recovery Rally

MARKETS

Sep 30, 2008 3:37 PM CDT

Dow Up 485 in Recovery Rally

But indices see big losses for September

(Newser) - Stocks surged toward the end of today’s session to recover much of yesterday’s losses, but still finished September down, the Wall Street Journal reports. The markets rallied on confidence that lawmakers would reach agreement on a bailout plan by week’s end, with the Dow up 485.21...

Up Day Still Means Down Week

MARKETS

Sep 26, 2008 3:47 PM CDT

Up Day Still Means Down Week

WaMu spooks markets, but optimism over bailout remains strong

(Newser) - Stocks lost value for most of today’s session as progress slowed on the Wall Street bailout plan, but turned sharply higher in the last few trading hours, MarketWatch reports. Despite mixed gains today, all indices saw losses during a tumultuous week. The Dow gained 121.07 to 11,143....

Stocks Climb Nearly 200 Points

MARKETS

Sep 25, 2008 3:15 PM CDT

Stocks Climb Nearly 200 Points

Poor housing, durable goods goods data don't deter market's optimism

(Newser) - Stocks rallied this afternoon on news that lawmakers had reached a consensus on the Wall Street bailout plan, MarketWatch reports. Optimism proved infectious as GE rose 6.26% despite cutting an earnings estimate earlier today. The Dow climbed 196.89 points to 11,022.06. The Nasdaq gained 30.89...

WaMu Looks to Private Equity
as Bank Teeters

Sep 25, 2008 8:52 AM CDT

WaMu Looks to Private Equity as Bank Teeters

Blackstone, Carlyle in talks after overtures to other banks flop

(Newser) - Washington Mutual is hoping private equity will save the bank after its efforts to broker a sale to another financial institution came to nothing. Both the Carlyle Group and Blackstone are considering a takeover of WaMu, insiders tell the Wall Street Journal, although a deal is not yet assured. Many...

Late Rally Lands Dow Up 410

MARKETS

Sep 18, 2008 3:25 PM CDT

Late Rally Lands Dow Up 410

Fed may have plan to quarantine bad debt; banks see gains

(Newser) - The markets rallied late in today’s rollercoaster session, keying on a $360 billion plan to shore up money markets and reports that the Fed might form a government body to absorb firms’ bad credit bets, the Wall Street Journal reports. The Dow gained 410.03 to close at 11,...

WaMu
Cans
CEO
Killinger

Sep 8, 2008 5:38 AM CDT

WaMu Cans CEO Killinger

From rapid expansion and growth to rapid decline, WaMu is in deep trouble

(Newser) - The enduring subprime contagion has claimed another victim, as downtrodden Washington Mutual has forced out CEO Kerry Killinger, reports the Wall Street Journal. Killinger, who has led the nation’s largest thrift since 1990, and has taken it from a small Seattle business into one of the nation’s largest...

Housing, Labor Pummel Stocks

MARKETS

Jul 24, 2008 3:29 PM CDT

Housing, Labor Pummel Stocks

Bleak economic reports and some poor earnings make for steady losses

(Newser) - Stocks saw big losses today as bad news on housing and employment soured investors’ hopes of a looming economic turnaround, the Wall Street Journal reports. The Dow fell 283.10—a 2.43% drop—to close at 11,349.28; the Nasdaq shed 45.77, to 2,280.11; and...

Worries Keep Stocks Mixed

MARKETS

Jun 9, 2008 3:47 PM CDT

Worries Keep Stocks Mixed

Dow ticks up as oil falls, but financials, tech cast shadow

(Newser) - Markets were mixed today, with financials and tech stock prices falling while blue chips enjoyed a bounce after Friday’s precipitous drop, MarketWatch reports. The Dow gained 70.51, closing at 12,280.32. The Nasdaq fell 15.10 to close at 2,459.46, while the S&P 500...

Financials Key Downward Spiral

MARKETS

Jun 2, 2008 3:38 PM CDT

Financials Key Downward Spiral

Executive shuffles at WaMu, Wachovia give market jitters

(Newser) - Financials keyed major market losses as high-level personnel shuffles at Wachovia and Washington Mutual, plus a report by Standard and Poor that downgraded the ratings of several prominent banks, disconcerted investors, MarketWatch notes. The Dow lost 134.50 to settle at 12,503.82, and the Nasdaq lost 31.13,...

Stocks Fall on Dismal Earnings

MARKETS

Apr 8, 2008 3:38 PM CDT

Stocks Fall on Dismal Earnings

Housing data, WaMu bailout not helping investor confidence

(Newser) - Stocks fell today as the first-quarter earnings report season began with dismal results and a grim new report confirmed that the housing slump hasn't bottomed out, Bloomberg reports. Washington Mutual, freshly bailed out by TPG, led financials lower after it slashed its dividend 93%. The Dow fell 35.99 to...

Investors Angered as WaMu Shields Exec Bonuses

Mar 5, 2008 8:53 AM CST

Investors Angered as WaMu Shields Exec Bonuses

Bank's board of directors extracts subprime losses from bonus formula

(Newser) - Washington Mutual’s directors have decided to limit the hit its executive management team can take from the subprime credit fiasco, setting cash bonus targets that exclude costs from foreclosures and mortgage-related losses, reports the Wall Street Journal. The move angered some shareholders who’ve seen their investment shrink as...

SEC Probes WaMu Home Loans

Dec 21, 2007 4:06 AM CST

SEC Probes WaMu Home Loans

Investigators focus on charges that appraisals were inflated

(Newser) - Washington Mutual, one of America's largest mortgage lenders and the biggest savings and loan in the nation, is under investigation by the Securities and Exchange Commission, reports the Wall Street Journal. Regulators suspect some WaMu mortgages were based on inflated appraisals. WaMu, bloodied by the subprime mortgage crisis, lost $348...