Whoo-hoo! JPMorgan Chase Buys Washington Mutual
September 25, 2008 · Published By Editor
Washington Mutual Buyout
Whoo-hoo! You can put those rumors and speculation to rest. JPMorgan Chase announced it will acquire the deposits of the Seattle-based Washington Mutual, Inc — WAMU The failing thrift was seized today by federal regulators in what is termed the biggest bank failure in U.S. history.
JPMorgan will pay $1.9 billion, according to Federal Deposit Insurance Corp. FDIC reports that the buyout will be seamless and business will be usual for depositors on Friday.
Shares of the Seattle, Washington-based Washington Mutual have lost 80 percent of their value since the beginning of 2008.
Analysts and speculators expected the buyout to be a major step toward cleaing up U.S. housing debt. Many of Washington Mutual’s assets are associated with mortgages that are failing due to housing slump, jobs and the economic downturn.
Technorati Tags: bailout, JPMorgan Chase, WAMU, Washington Mutual
Local Tags: bailout, JPMorgan Chase, WAMU, Washington Mutual
Filed Under Business, Finance, News · By Editor
closeAuthor: Editor
Name: Kathee Austin
Email: editor@evliving.com
Site: http://www.evliving.com/
About: Kathee Austin is Editor in Chief at East Valley Living, the on-line source for greater Phoenix and east valley community news, events and information. She oversees all content published on the EVLiving family of sites, which is comprised of news, blog and business directory. As a way of giving back to the community, she encourages the Arizona business, non-profit and residential community to submit community news and events for publication in order to provide the potential for greater reach. News and event submissions, guest articles and press releases must pass editorial approval and Ms. Austin or her editorial staff may publish content in whole or in part or choose to modify content in order provide additional details, add or remove links, or edit submission titles for the purpose of providing opportunity for greater reach, when doing so does not take away from the intent of news submission. For more information about East Valley Living's community submission and publication service, please visit the "About" link in menu at top of page and click link to Submission Guidelines.See Authors Posts (3187)
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