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Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
Through a case study of Washington Mutual Bank (WaMu), the Report found that in 2006, WaMu began pursuing high risk loans to pursue higher profits. A year later, these mortgages began to fail, along with the mortgage-backed securities the bank offered. As shareholders lost confidence, stock prices fell and the bank suffered a liquidity crisis.
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. [3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate ...
WaMu sold another $115 billion in option arm loans. "Together, WaMu and Long Beach dumped hundreds of billions of dollars of toxic mortgages into the financial system like polluters dumping poison ...
Kerry Killinger. Kerry Killinger (born June 6, 1949) is an American businessman and author. He is founder and CEO of Crescent Capital Associates, [1] and previously served as chairman and chief executive officer of Washington Mutual from 1990 until 2008. [2] [3]
The Federal Reserve required a 79.9 percent equity stake as a fee for service and to compensate for the risk of the loan to AIG. Washington Mutual. The Seattle-based bank holding company Washington Mutual declared bankruptcy on 26 September 2008. The 120-year-old company, one of the largest banking institutions in the US West, was driven into ...
Developing global financial crisis. Beginning with bankruptcy of Lehman Brothers at midnight Monday, September 15, 2008, the financial crisis entered an acute phase marked by failures of prominent American and European banks and efforts by the American and European governments to rescue distressed financial institutions, in the United States by ...
H. F. Ahmanson & Co. H.F. Ahmanson & Co. was a California holding company named after Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States .