WaMu collapsed and assets been bought over by JP Morgan Chase and Co
Submitted by Godmode on Fri, 09/26/2008 - 11:29.
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Washington Mutual Inc ( WaMu) the Seattle based bank founded in 1889 , has become biggest bank to fail in US history. WaMu collapsed because of the enormous bad bets in the mortgage markets.The downfall of WaMu was expected since the company was suffering with heavy mortgage-related losses.
The Federal Deposit Insurance Corp. seized WaMu on 25th September 2008, and sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.
WaMu is JPMorgan Chase's second acquisition this year. In March, JPMorgan bought the investment bank Bear Stearns Cos. for about $1.4 billion, and also invested another $900 million in stock ahead of the deal to secure it.
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WaMu collapsed and assets been bought over by JP Morgan Chase & Co
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