WaMu customers included in measure to avoid foreclosures
Bloomberg Oct 31, 08 2:22 PM CDT
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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 efforts are implemented.
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Feds hunt author of threats to bank CEO
ABC News Oct 23, 08 6:50 CDT
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A flurry of letters threatening the life of JPMorgan CEO Jamie Dimon, as well as an Oklahoma City-style bombing of a bank facility, are being investigated by the Postal Investigation Service. ABC News reports a $100,000 reward has been posted for information about the 45-plus letters, all postmarked last week in Amarillo, Texas.
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Citigroup, Wells Fargo among suitors in wake of WaMu collapse
Wall Street Journal Sep 27, 08 11:31 CDT
(Newser)
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Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain’s Banco Santander to help guard it from the financial market crisis. While the bank says it’s not in immediate danger, shares at Wachovia, which holds a $120 billion mortgage portfolio, dropped 27% yesterday on the news of Washington Mutual’s failure.
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Firm writes down $31 billion in bad debt, but builds nation's largest bank
Seattle Times Sep 26, 08 2:45 PM CDT
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The failure of Washington Mutual was an opportunity for JPMorgan Chase CEO Jamie Dimon, who long held a desire to buy the bank, the Seattle Times reports, and saw its large West Coast presence as particularly attractive. Now Dimon, who incorporated Bear Stearns earlier this year, has used the credit crisis to build the largest bank in the US.
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MARKETS
Dow falls over 100 points at open
Wall Street Journal Sep 26, 08 8:52 CDT
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Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a brief statement promising that Congress was working toward a deal and would "get a package passed," but he offered no details. "There is no disagreement that something substantial should be done," Bush said.
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The lack of resolution in Washington sends shudders around the globe
Wall Street Journal Sep 26, 08 7:14 CDT
(Newser)
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European markets swooned on news of the US bailout troubles and the failure of Washington Mutual, the Wall Street Journal reports. The Dow Jones Stoxx 600 fell 1.5%, Germany’s DAX index slipped 1.4%, and the UK’s FTSE 100 and France’s CAC-40 each shed 1.3%. In Asia, Japan’s Nikkei index lost 0.9%.
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updated
Washington Post Sep 25, 08 7:43 PM CDT
(Newser)
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Federal regulators seized Washington Mutual tonight and sold nearly all of its operations to JPMorgan for $1.9 billion, the Washington Post reports. It is the largest bank failure in US history. WaMu, previously the nation's largest savings and loan, had been reeling from bad mortgage loans and put itself up for sale last week. The feds took action because no serious bidders emerged. The move averts a government bailout of the bank's depositors.
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MARKETS
Poor housing, durable goods goods data don't deter market's optimism
MarketWatch Sep 25, 08 3:15 PM CDT
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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 points, settling at 2,186.57, while the S&P 500 rose 23.31 points to close at 1,209.18.
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Blackstone, Carlyle in talks after overtures to other banks flop
Wall Street Journal Sep 25, 08 8:52 CDT
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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 banks, from Santander in Spain to JPMorgan Chase and Citibank, have been reluctant to take on WaMu's troubled loans.
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WaMu readies for sale while Morgan mulls merger options
Bloomberg Sep 19, 08 3:07 CDT
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Two of the biggest financial institutions in the midst of the market turmoil are moving closer to hammering out deals. Washington Mutual's suitors are believed to include Citibank, JP Morgan and Bank of America, insiders tell Bloomberg, while Morgan Stanley and Wachovia have stepped up merger talks, reports the New York Times . Morgan is also in separate talks with the China Investment Corporation.
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Investor OKs share dilution as beleaguered bank looks for suitors
Wall Street Journal Sep 18, 08 7:00 CDT
(Newser)
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Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift from issuing new stock. WaMu has instructed its adviser, Goldman Sachs, to assess strategic options, including a possible sale.
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Falling share price stokes worries of a bank run
New York Post Sep 17, 08 1:06 PM CDT
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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.
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