Washington Mutual, America's largest savings and loan, may be the next big financial institution to fail, the New York Post reports. Fearing a run on the struggling bank, federal regulators placed calls yesterday gauging interest in a WaMu buyout to Wells Fargo, JP Morgan Chase, HSBC, and others, but no further negotiations have been scheduled.
Standard and Poor cut WaMu’s credit rating to "junk" on Monday, and a plummeting share price has customers wondering if they should get their money out now. The bank has about $143 billion in deposits. Washington Mutual reported $3.33 billion in losses on soured mortgage bets in the second quarter.