Saturday, September 11, 2010 7:11:30 PM
I think the seizure was done out of fear b/c of WaMu's reputation as the king of the subprime lending practices on the street whether or not they really were it didn't matter. Remember, on Wall Street perception is reality. As stated earlier, mark-to-market accounting was a serious gash to their jugular and I feel that the lack of liquidity b/c of panic/fear on the street is what led the fdic to prematurely seize coupled with bear raids on their credit default swaps.
Here's some interesting articles that I've read about their CDS costs that haven't been talked about too much on this board. It would be interesting to see if JPM (or any other investment bank) was bidding up WAMU's CDS's out of speculation and not as a true hedge.
July 23rd: WaMu's 3.3BB earnings loss and S&P downgrade
http://uk.reuters.com/article/idUKN2349502620080723
July 25th WaMu CDS prices: Above where Bear Sterns was
http://globaleconomicanalysis.blogspot.com/2008/07/credit-default-swaps-on-wamu-others.html
(notice the other companies in that chart)
July 27th: Media hates WaMu's statement of 50BB in liquidity and CDS almost double from 2 days earlier
http://mrmortgage.ml-implode.com/2008/07/27/wamu-what-options-do-they-really-have/
Sept 10th CDS prices looking at 80% chance of default
http://slog.thestranger.com/2008/09/credit_default_swaps_indicate_theres_an
"Washington Mutual Inc., the largest U.S. savings & loan, failed to interest suitors in a purchase this year because new accounting rules for devalued loans are driving away buyers, two bankers involved in the talks said."
Sept 12th: 5 yr CDS now costs 40% of debt amount plus 500k/yr
http://www.fool.com/investing/dividends-income/2008/09/11/is-washington-mutual-about-to-explode.aspx
Notice Lehman Bros saying housing in Cali will decline by more than 50% or double from the current decrease--WaMu had heavy exposure in CA
Recent COOP News
- Mr. Cooper Group Inc. to Present at the Barclays Global Financial Services Conference • Business Wire • 09/03/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:17:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:09:25 PM
- Mr. Cooper Group Inc. Announces Pricing of Offering of $750 Million of Senior Notes • Business Wire • 07/29/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 08:24:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:20:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:00:12 AM
- FLAGSTAR BANK, N.A. ANNOUNCES SALE OF ITS MORTGAGE SERVICING BUSINESS • PR Newswire (US) • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar • Business Wire • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
- Xome Democratizes Real Estate with Launch of DIY Sales Platform, No Agent Required • Business Wire • 05/22/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 10:47:32 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/15/2024 12:11:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 12:12:48 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 08:22:09 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM