WaMu becomes 13th bank to fail in 2008
Bailout, Bank Failures, Bankruptcy, Meltdown, Mortgage Lenders, Spillover | (0)
From The Seattle Times:
Washington Mutual, just days ago the nation's biggest thrift and once its biggest mortgage lender, earned a final, notorious distinction Thursday: It became by far the biggest U.S. bank in history to fail.
Seattle-based WaMu, laid low by its plunge into subprime mortgages and other less-than-sterling loans, was seized and closed by federal regulators Thursday afternoon. JPMorgan Chase, which has long coveted WaMu, bought all its deposits and banking assets for $1.9 billion.
"This is the big one that everybody was worried about," said Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., in an evening conference call. "I ...
