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Yet you still waiting on Libor payout that could happen soon…..or maybe cactus distribution of happening soon….
WMMSC was merged into JPM in 2008-2009, JPM valued it at that time $15 Billion,if i am correct. WMB was valued by Cleveland Fed around $80 Billion. Its peanuts for JPM or other entity to merge with hush money.
Welcome to the bizarro world.
This is turning into a clown show.
Lodas,
Yes I value your opinion and research. I rather hear the truth than people agreeing with me. I was mistaken when speaking about WMMSC. I confused it with WMMRC. again thank you for your honest opinion. If I find another glass of Champaign flavored kool-aid I'll be sure to offer you some.
Best regards
@ Fredmiller.... you said WMI owns WMMSC... in what way?... I just sent you a link stating JPMC owns WMMSC..... secondly, there is no WMI, it exited chapter 11 as WMIH without any former assets to speak of... the 2013 WMIH 10-K makes no mention of owning WMMSC.... what it does say is that 7 re insurance trusts were liquidated as well as liquidating WMIIC and placing the money in the WMIL-T to settle the chapter 11...think about what JPM got thru the receivership.... they got the Federally chartered Banks, Savings and Loans, and the MBS, and the other businesses that were originating and selling MBS...they wrote the "junk assets" to negative equity, shipped the bad MBS to the receiver, and got 650 million from WMI in settlement for bad MBS from the "globic settlement... you say WMI owns WMMSC?...and that in some way money is coming back to old shareholders by this post you posted?...why does JPM have to give you money after you signed a release of your former values?... is this in writing?... where?...quite simply, IMO and judgement, there is no money coming back, but, I will not object to your wishes and hopes...I am the last person that you should put these questions to, but I am flattered that you are the only one on this board who shows respect and values my opinion...I could be wrong, so we will leave it there... Lodas
Lodas. To come across as some 86 year old a few
years ago now 90? and your commentary is becoming more youthful … hey I don’t mind a varied opinion if it comes from truth, but if you are here to wave a magic wand or hide behind the curtain, to play a character and think you’re smarter than everybody ?
Well then, you’re an idiot.
JHD
@ Fredmiller..... the following link shows JPM owns Washington Mutual Mortgage Securities Corp, along with many other mortgage companies owned by WAMU doing sub prime lending... WMI took a shareholders retained earnings loss of 20.7 billion dollars in return for approx. 6 billions in NOLS... NOLS are net operating losses given by the IRS when a business suffers a business loss A-L= shareholders equity.... In no way does WMMSC belong to WMI/WMIH... they were given up along with Home Savings, HL Amandson, Greatv Western, Providian, and some others... in addition, there is no provision that by consolidating these mortgage lenders, JPM has to give money back to old shareholders of WAMU...WMI has stated that shares were given to equity holders in return for releases... it does not stipulate more money is coming after the chapter 11 closes, nor does it state shareholders "own the estate"....Lodas
https://www.google.com/search?client=safari&channel=mac_bm&hl=en&source=hp&biw=&bih=&q=what+company+owns+washington+mutual+mortgage+securities+corp&iflsig=AL9hbdgAAAAAZkL4HCafXlYlT5CEch0wjDMSvrpYjmu6&gbv=2&oq=what+company+owns+washington+mutual+mortgage+securities+corp&gs_l=heirloom-hp.12...1644.38748.0.42933.60.60.0.0.0.0.108.4356.58j2.60.0....0...1.1.34.heirloom-hp..27.33.2237.5ST0JsRUNrM
Lodas,
I understand what your saying but this proves otherwise. Your always saying to others did you read it?
I challenge you to actually read this whole paragraph in bold dated Feb 8, 2024.
It supercedes the 2009 link you gave me as reference to Long Beach Securities. It places WMMSC as surviving entity that should have been dissolved. How can this Feb 8, 2024 document talk about WaMu Asset Acceptance Corp merge into a dissolved entity. So IMHO this document is more accurate and up-to-date and our New true North on this compass.
Not to mention 2017 is after the fact of the GSA you always reference. And only until Feb 8, 2023 did WaMu Asset Acceptance Corp get finalized with a merger. That means this new information has not been applied to your knowledge all predating anything prior to March 12, 2012. Which includes the GSA and the Por 7 all done prior to March 12, 2012.
This is New updated evidence of a surviving entity acknowledged Feb 8, 2023 and continues til this day.
Are you still sticking to your old position of info prior to Mar 12, 2012???
DATED
Date of Report (Date of earliest event reported): February 8, 2024
https://www.sec.gov/Archives/edgar/data/1317069/000092963824000440/wamuasset_abs15g.htm
On December 8, 2017, WaMu Asset Acceptance Corp. (“WaMu”) merged with Washington Mutual Mortgage Securities Corp., Long Beach Securities Corp., WM Asset Holdings Corp. and WaMu Capital Corp, with Washington Mutual Mortgage Securities Corp. (“WMMSC”) being the surviving entity. WMMSC is filing this Form ABS 15-G on behalf of WaMu, as securitizer, in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which WaMu acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets
Below is a link proof of the update!
Compare your notes
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174409712
LOL. You're kidding right???
Fred....some information about Long Beach Mortgage co.... scroll down to company overview near bottom of page.... Long Beach Mortgage was a federal chartered bank, as with other savings and Loans which JPM got as a result of the receivership... my reading about WAMU is that they held numerous loaning companies in various states, and were taken over by JPMC... they may be consolidating these companies from the link you posted, but , IMO, in no way these companies belong to WMI, now WMIH....Lodas
https://publicintegrity.org/inequality-poverty-opportunity/no-5-of-the-subprime-25-long-beach-mortgage-co-washington-mutual
Thank you, Fred! It all seems to be becoming to understanding.
Yes you are still here….love how you could not remember what you signed…..cactus your mentor always tells you….know what you own…….
Yes we all know you are Cactus’s apprentice…..it ok…
Lodas,
Thank you for your honest opinion. I appreciate it. Thank you
It’ll probably get bought , right back up. Kinda weird to move south on air. BUT hey wthdik
Fred.... just kicking back reading all of the merry making by those drinking champayne spiked with kool aid... I dont want to be a party pooper so I will just let you revel in exuberance... you asked me to comment, so here goes: it means nothing , and no monetary or stock will be issued to make former investors in WAMU "whole"... why?.... all common and preferred stock was cancelled, extinguished, and all rights to former dividends for preferred are null and void...amended POR 7 states, Title to assets belong to reorganized debtor, JPM, FDIC, and WMIL-T...WMI states stock was given in return for values held in the old company... all preferred shares were converted to equity, and equity was paid when releases were signed.... JPM got the banking assets of WAMU, and related assets... Long Beach Mortgage was a chartered Federal Bank, and JPM got those assets through the receivership ...20.7 billion dollars in shareholders equity was written off on the globic agreement for 6.5 billion in cash , and 5.89 billion in NOLS...The "WMI Action" ( WMI sues FDIC and JPM for illegal taking of WMI assets) was stayed by court action during the Deutche Bank Lawsuit, then dismissed from the "Docket" when globic was signed... JPM received 650 million in soured Putbacks from the globic settlement...again, nowhere, in any document states more money is coming in settlement for releases...WMI stated in the chapter 11 closing, all payments were made... page 96.."in no way does the estate after, or before filing chapter 11 belong to old shareholders... on, and on.... you know my position on this matter, but thanks for wanting my opinion...Lodas
Two things that stand out
1) everything of WMI or the parent was to be dissolved and obviously its not because of the words use "surviving Entity" that's another eclipse that has come and gone.
And
2) is the Date that was reported Feb 14, 2023 and continued reporting that WMMSC is servicing Asset Backed Securities on behalf of WMI/WaMu.
The Parent is alive and well as others have mentioned years ago but we now have Proof in documentation stating this fact THE PARENT IS ALIVE!!!
ABS 15-G AKA Asset Backed Securities
Big big money!!!
Date of Report (Date of earliest event reported): February 14, 2023
On December 8, 2017, WaMu Asset Acceptance Corp. (“WaMu”) merged with Washington Mutual Mortgage Securities Corp., Long Beach Securities Corp., WM Asset Holdings Corp. and WaMu Capital Corp, with Washington Mutual Mortgage Securities Corp.(“WMMSC”) being the surviving entity. WMMSC is filing this Form ABS 15-G on behalf of WaMu, as securitizer, in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which WaMu acted as depositor and which are outstanding during the reporting period
Only one left, Pick and Lodas are the same person.
All gone. Only Lodas and Pick left.
.
Yes. So that would be an ‘outsider’ from a merger perspective.
xoom, just for the record, there are mergers where certain groups/specialists work knowing some of the inside information. However, they would not know the full scope of inside information regarding a particular merger. So, PARTIAL inside information would be gained by some. Of course, this depends on the structure of the merger team and specialists.
...
‘Insiders’, not knowing potential value ?
That then is an ‘outsider’
First Chicago was a bank that merged with Bank One that merged with JPM Chase
Entity Name: JPMorgan Chase Holdings LLC
Abbreviation: JPMCH or IHC
Description: Wholly owned subsidiary of JPMC. This entity is the
holding company for non-JPMCB subsidiaries.
Entity Name:
JPMorgan Chase Holdings LLC
Abbreviation:
JPMCH or IHC
Description:
Wholly owned subsidiary of JPMC. This entity is the
holding company for non-JPMCB subsidiaries.
https://www.fdic.gov/resources/resolutions/resolution-authority/resplans/plans/jpmchase-idi-2312.pdf
https://www.fdic.gov/resources/resolutions/resolution-authority/resplans/plans/jpmchase-idi-2312.pdf
Lodas,
In case you missed this post I was wondering if you can give your opinion on this.
"JPMorgan Chase Holdings LLC, which we refer to as the “IHC”"
JPMorgan Chase is a Holding Company
We are a holding company that holds the stock of the Bank and an intermediate holding company,
JPMorgan Chase Holdings LLC, which we refer to as the “IHC”. We conduct substantially all of our operations
through subsidiaries, including the Bank and the IHC. As a result, claims of the holders of our securities will
generally have a junior position to claims of creditors of our subsidiaries. Claims of our subsidiaries’ creditors
other than JPMorgan Chase include substantial amounts of deposit liabilities, long-term debt and other liabilities.
In addition, we are obligated to contribute to the IHC substantially all the net proceeds that we receive from the
issuance of securities (including any securities offered by use of this prospectus), and the ability of the Bank and
the IHC to make payments to us is limited. As a result of these arrangements, our ability to make various
payments is dependent on our receiving dividends from the Bank and dividends and extensions of credit from the
IHC. These limitations could affect our ability to pay interest on our debt securities, pay dividends on our
preferred stock and common stock, redeem or repurchase outstanding securities, and fulfill our other payment
obligations.
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/US48128BAQ41-Prospectus.pdf
I know, you know, we all know what it owns.
But I've never seen them admit it til now.
The merger is the proof.
The shadow of the Eclipse has now moved on (pun intended)
All in plain daylight
The word "Soon" is definitely relevant.
Brian Rosen and the Honerable Judge MARY WALRATH are going to be highly regarded for their work and humbly, just saying it's higher than our pay grade.
I can see everyone patting Brian on the back and thanking him. After all he is our lawyer..... and the Judge for technically saving us.
time wise, it has been a burden for many
WaMu the Parent Holding Corporation Knows What WMI Owns.
The FDIC and JPM lost in DC Court.
The 15G assets belongs to The Real WaMu, The Parent Holdings Corporation know as WMI.
WMI Holdings Corporation knows what whey sued the FDIC/JPM for. And won.
Ron
OHHHHHHHHHHHH REALLYYYYYYYYYYYYYYY WHAT A SHOCK !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! LMAO
This was JPM and the FDIC position on the matter of WaMu asset Acceptance Corp Nov 9, 2022
Date of Report (Date of earliest event reported): November 9, 2022
WaMu Asset Acceptance Corp., as Securitizer, is filing this Form ABS-15G in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which it acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
https://www.sec.gov/Archives/edgar/data/1317069/000092963822001691/wamuasset_abs15g.htm
On Feb 14, 2023 the update happened
Date of Report (Date of earliest event reported): February 14, 2023
On December 8, 2017, WaMu Asset Acceptance Corp. (“WaMu”) merged with Washington Mutual Mortgage Securities Corp., Long Beach Securities Corp., WM Asset Holdings Corp. and WaMu Capital Corp, with Washington Mutual Mortgage Securities Corp. (“WMMSC”) being the surviving entity. WMMSC is filing this Form ABS 15-G on behalf of WaMu, as securitizer, in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which WaMu acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
https://www.sec.gov/Archives/edgar/data/1317069/000092963823000579/wamuasset_abs15g.htm
And Feb 08, 2024 a continued reporting of the update
On December 8, 2017, WaMu Asset Acceptance Corp. (“WaMu”) merged with Washington Mutual Mortgage Securities Corp., Long Beach Securities Corp., WM Asset Holdings Corp. and WaMu Capital Corp, with Washington Mutual Mortgage Securities Corp. (“WMMSC”) being the surviving entity. WMMSC is filing this Form ABS 15-G on behalf of WaMu, as securitizer, in respect of all mortgage-backed securities representing interests in pools of residential mortgage loans for which WaMu acted as depositor and which are outstanding during the reporting period. On September 25, 2008, JPMorgan Chase Bank, National Association (“JPMCB”) acquired the banking operations of Washington Mutual Bank from the Federal Deposit Insurance Corporation (“FDIC”). It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. Assets are reported herein in accordance with Rule 15Ga-1 regardless of the validity of the demand or defenses thereto, and nothing in this report shall constitute, or be deemed, a waiver of any rights, defenses, powers or privileges of any party relating to these assets.
https://www.sec.gov/Archives/edgar/data/1317069/000092963824000440/wamuasset_abs15g.htm
So the update that we're in the money came to us last year February 14, 2023.
I would say that things are definitely wrapping up and that word SOON is more accurate then ever.
All WaMu Asset Acceptance Corp reportings litigation for years until Feb 14, 2023 were in the money
https://www.sec.gov/cgi-bin/browse-edgar?filenum=025-01131&action=getcompany
"if you want to say we owe the 14 billion in bonds."
Anyone know if these Bonds get 15yrs of interest?
Large Green, this is what I think is happening.
All these other avenues for payment to the estate are on hold until LIBOR is settled. Once that happens there will be a waterfall like Niagara. Remember what Janice Hearns said about 10 yrs ago. No funds can be released while there's ongoing litigation.
I like hold2wm about this LIBOR matter. He is VERY optimistic that this week something will happen. BUT. Remember that the judge granted FDICs request to keep this settlement under wraps from the public. So it's possible as Ron thinks that this matter may have already been settled. So now the conundrum is how to disburse 100B, or more without there being tons of snafus and lawsuits from investors who felt they didn't get their fair share. Think about it. It's a nightmare for them to deal with.
Also keep in mind that JPM just aligned with another wealth management group to handle all the millionaires that will soon be created. It's a huge undertaking for JPM to handle the volume of clients that will suddenly have newfound wealth to deal with.
And IF....COOP is going to distribute shares to escrowers, they may be waiting for LIBOR as well, so the 2.5% they might get will offset that distribution and keep the SP stable. And if it's 200b, COOP would go through the roof plus distribute those shares.
Many things appear to be lining up. This could be a great year for those who released.
WaMu is FDIC/JPM Code Word for WMB.
More camouflage language. WaMu was largely just an advertising campaign by the Parent Holding Corporation, WMI. Only about three subs used the name WaMu.
The true definition for WaMu refers to the Parent Holding Corporation.
The Parent Holding Corporation created the WaMu enterprise.
Back to the Derivative Market Meltdown of 2008.
JPM needed to acquire the “in-the-Money” ABS Notes holders before the big banks needed to cover the ABS Notes losses that the big banks covered by derivatives.
Example;
WMB (15G sited), BS(major investor in ABS secures), F&F.
Lehman’s failed because JPM was Bankrupt.
For the FDIC/JPM, WaMu is equal to
“WMB”. Lose terminology.
WMI, WaMu proper sued the FDIC for $307.2 Billion for “WMB and it’s Assets”. WMI knows what they owned and sued for.
WMB,
WMBfsb,
Trusts held in the 15G report,
And much more!
Now consider 41.6, “Willful Misconduct”, JPM admission of guilt for RICO.
Xoom; I just partially answered your question regarding UQ valuations.
Class 19 is satisfied with the endorsement of the BK Court.
Ron
Thank you johnconfer! Excellent find!
I believe we finally have solid proof we are in the money.
Documented and dated
02/08/2024
Lodas!
I'm curious how you can explain away that WaMu asset Acceptance Corp is worth 20 billion plus and has merged with WMMSC which belongs to the parent co WMI and incase you forgot ALL CREDITORS have been paid.
If you do include the bonds of 14 billion you still have 6 billion left (btw jpm assumed the bonds according to por7)
And on top of that don't forget
Long Beach Securities Corp. 1 ABS-15G —
2/8/24
Yes it has to be 25 billion plus by now by interest alone.
I'm sure someone has the worth and latest filing for WaMu asset Acceptance Corp.
Boris, maybe a few insiders have now seen the shares being issued but not released yet to those investors who signed time releases by 3/2012 and sense dilution because they have not been advised of the associated value offsetting the potential dilution.
...
I went back to check and Now I'm fully convinced this was updated right under our noses. I posted back with Bizreader
And I specifically spoke about the new updated document concerning WaMu asset Acceptance Corp. And my last words were JPM still content certain liabilities remain with the FDIC
FredMiller
Re: Bizreader post# 710299
Thursday, 06/01/2023 2:38:45 PM
I definitely have some kind of hope for sticking around.
Only 2 items
Washington mutual asset Corp. That just hit the doc's a month or so ago that JPM still content certain liabilities remain with the FDIC
And
yes the FDIC
Glta
Excellent Fred. I read this in the same way. Curious Fred, where did you get the 20B from which should be more than 25B unless they got to use our money all these years for nothing which on the face of it sounds very corrupt and absurd.
NEWS!!! We got WaMu asset Acceptance Corp!
It's ours! I don't remember reading that it merged with anything that had to do with WMI
This is huge news. I always remember that it was JPM position that the FDIC has certain liabilities.... da da da da da I believe this has been updated under our noses. WaMu asset Acceptance Corp is worth 20 billion. I'd say we have our proof we are in the money. It merged with WMMSC the
surviving entity
Who is company, IHC MERGER ENTITY CORPORATION, and their connections?
Show drafts
Identifying a specific company named "IHC Merger Entity Corporation" is a bit difficult due to a few reasons:
Merger Entities are Temporary: Merger entities are typically created solely to facilitate a merger and cease to exist after the deal closes. Public records about them might be scarce.
Multiple IHC Companies: There are two prominent companies with "IHC" in their name:
Independence Holding Company (IHC) (delisted in 2021): This insurance company was acquired by Geneve Holdings and is no longer a public entity.
International Holding Company (IHC) (publicly traded): This is a large UAE-based conglomerate focused on acquisitions and investments.
Here's how we can approach this:
Context is Key: Do you have any additional information about the merger? Knowing the other company involved or the industry could help narrow down the search.
IHC Acquisitions: If IHC (International Holding Company) was involved in the merger, their press releases or annual reports might mention the merger entity [ihcuae.com].
Financial News Websites: Searching financial news websites for "IHC Merger" or "IHC Acquisition" might reveal news articles about the specific deal.
Remember, since merger entities are temporary, you might not find a lot of information about "IHC Merger Entity Corporation" itself. But by considering the context and the two relevant IHC companies, you can increase your chances of finding out more about the merger.
…
Lmao. I think I'll just depend on the last statement cuz I really understand that one.
Healthy consolidation before the next run IMO, still inside the up channel. Nothing to worry about.
...all IMO
JWW. What are you thinking about today with the heavy volume in the drop?
JWW. What are you thinking about today with the heavy volume in the drop?
Chase (JP Morgan Chase) Funding NJ and Chase Mortgage Finance Corp, having a signatory the same as Long Beach Securities Corp, Washington Mutual Mortgage Securities Corp, WaMu Asset Acceptance Corp....
If you see your Wife is in bed with the neighbor... Chances are they are hooking up.
Or, just an odd coincident.
Interest on Liquidating Trust Interests. As set forth in the Plan, interest shall not accrue and be paid on the Liquidating Trust Interests themselves, but only with respect to and to the extent provided in the Plan with respect to an Allowed Claim (“Interest”). Interest may, as an incremental adjustment on the maximum amount the Liquidating Trust distributes in respect of a Liquidating Trust Interest, accrue up to and including the date of final payment in full of the Allowed Claim related to the Liquidating Trust Interest as provided in the Plan.
Claims get interest
Equity beneficiaries no interest.
Haven’t had a drop like this in awhile.. hmmm.
Where is JP Morgan mentioned or how would someone reading your post understand your message?
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Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
Upon completion of the merger between WMIH Corp. and Nationstar Mortgage Holdings Inc. on July 31, 2018, WMIH became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper), Xome and Champion Mortgage (Nationstar Mortgage LLC d/b/a Champion).
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc. WITH SHAREHOLDERS INTACT
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