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Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
I live in Portland, Oregon, and a lot of my friends have accounts with Washington Mutual, given its roots in the Pacific Northwest (WaMu was founded in Seattle over 100 years ago). Most of my ...
The FDIC sold the assets, all deposit accounts, and secured liabilities to JPMorgan Chase, but not unsecured debt or equity obligations. [39] Washington Mutual Savings Bank's closure and receivership is the largest U.S. bank failure in history. [40] Kerry Killinger, the CEO from 1988 to August 2008, had been fired by the board of directors.
Chase branches in the contiguous U.S. in 2020. The company also operates in Hawaii (not shown on the map).. JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase.
WaMu was the largest financial institution overseen by the Office of Thrift Supervision, and WaMu's fees paid for 12% to 15% of the agency's budget, Levin said. "OTS was a feeble regulator," he said.
Providian was a company that sold credit in the "subprime" market. Providian provided credit cards primarily to the lowest income groups in the U.S. at high interest rates. The annual percentage rates (APR) charged by Providian were as high as 29.9 percent. In a March 1999 memorandum published by the San Francisco Chronicle, the founder of the ...
Great Western Financial. Acquired by Washington Mutual, now JPMorgan Chase. Great Western Bank (previously known as Great Western Savings & Loan) was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California.
WaMu often sold these loans to unqualified buyers and would attract buyers with short term "teaser" rates that would skyrocket later on in the term. The Report found that WaMu and other big banks were inclined to make these risky sales because the higher risk loans and mortgage backed securities sold for higher prices on Wall Street.