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By Seattle Post-Intelligencer | April 9, 2008
SEATTLE -- Washington Mutual Inc. heaped more bad news on its beleaguered employees and shareholders yesterday, announcing thousands more layoffs, a capital-infusion deal that sent the stock price tumbling, another dividend reduction, and first-quarter results that will be worse than the already low expectations. The slim piece of good news was that the nation's largest savings and loan found investors willing to put $7 billion worth of new capital into the company. That infusion is designed to help Washington Mutual weather the storm of delinquent and defaulted loans that threatens to spread from subprime lending to conventional home loans, home equity lines of credit and credit cards.
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BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | April 26, 2009
When I signed up for a Washington Mutual credit card several years ago, I was lured by the bank's attractive rates and benefits: a fixed 5.9 percent interest and a free credit score each month. WaMu no longer exists after a near-collapse and sale to JPMorgan Chase amid the financial sector meltdown last fall. Now, as a Chase customer, my rate nearly doubled to 10 percent. And I don't get free credit score updates anymore. A recent wave of bank mergers is leaving consumers with questions about what happens to their accounts and other products.
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BUSINESS
By BLOOMBERG NEWS | March 18, 1997
IRWINDALE, Calif. -- H. F. Ahmanson & Co. raised its hostile bid for rival California thrift Great Western Financial Corp. to $6.66 billion yesterday, topping a friendly offer from Washington Mutual Inc.Ahmanson said it would pay about $50 a share in its stock for each Great Western share, with the value of the offer changing along with the price of Ahmanson stock. Washington Mutual offered about $45.34 a share, or $6.25 billion."Ahmanson's is obviously a more attractive offer," said William Rubin, a portfolio manager at Fidelity Investments, one of the largest shareholders of Ahmanson and Chatsworth, Calif.
BUSINESS
January 29, 2009
First Mariner Bancorp said it expects to release its fourth-quarter earnings report by mid-February. The Baltimore-based bank traditionally has released its year-end earnings in late January. Executive Vice President Dennis Finnegan said yesterday that First Mariner wanted to make sure that bank officials and external auditors have adequate time to review data and reports. First Mariner has suffered a string of quarterly losses during the past year stemming from bad real estate and construction loans and an investment in Washington Mutual, seized by regulators last year.
BUSINESS
By E. Scott Reckard and E. Scott Reckard,LOS ANGELES TIMES | June 3, 2008
The mortgage meltdown scorched the executive suites of two banks yesterday as Wachovia Corp. fired its chief executive and Washington Mutual Inc. knuckled under to shareholders and stripped its CEO of his chairman's post. Charlotte, N.C.-based Wachovia and Seattle-based Washington Mutual are big players in home loans, on which they've lost billions. Their shake-ups helped rattle the stock market, sending a bank share index to a five-year low, as investors worried about more fallout from the mortgage crisis.
BUSINESS
By KNIGHT-RIDDER NEWS SERVICE | June 5, 1997
SEATTLE -- Washington Mutual Chief Executive Officer Kerry Killinger went toe-to-toe with one of the giants of the banking industry, and the other guy blinked.H. F. Ahmanson dropped its hostile bid yesterday for a contested California thrift, clearing the way for Washington Mutual to merge with Great Western Financial in a deal worth $6.7 billion.Washington Mutual's victory seals Killinger's reputation as one of the most aggressive bank executives in the industry.But before the champagne bubbles go flat, Washington Mutual will face one of the most daunting tasks of its 108-year history: swallowing an out-of-state thrift that would nearly double its size.
BUSINESS
By New York Times News Service | September 26, 2008
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators last night in a bid to prevent the largest bank failure in American history. Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual to JPMorgan Chase. The remainder of WaMu, the nation's largest savings and loan, will be operated by the government. Shareholders and some bondholders will be wiped out. WaMu deposits are guaranteed by the Federal Deposit Insurance Corp.
BUSINESS
By BLOOMBERG NEWS | June 26, 2001
SEATTLE - Washington Mutual Inc., the largest U.S. savings and loan, agreed yesterday to buy Dime Bancorp for $5.2 billion in stock and cash, its biggest push into the Northeast U.S. market. Dime shareholders are to receive $40.84 in either cash or stock for each common share held, based on Washington Mutual's average share price last week. That is about 11 percent more than Dime's most recent closing price. Buying Dime will give Washington Mutual, the No. 1 U.S. mortgage lender, a 10 percent market share at a time when falling interest rates are boosting profits in the industry.
BUSINESS
January 19, 2008
Washington Mutual Inc. Shares gained $1.09 to $13.55. Turmoil in the mortgage market caused the nation's largest savings and loan to swing to a quarterly loss, but one analyst said Wall Street had expected much worse.
BUSINESS
By KEN HARNEY | January 27, 2008
Veteran real estate appraisers have complained bitterly for years about loan officers' demands that they fudge and inflate numbers to allow mortgage deals to close. But now a California appraiser has filed suit against the country's largest thrift institution, Washington Mutual Bank, charging that she was blacklisted for refusing to provide favorable appraised values despite declining market conditions. The suit by Jennifer Wertz comes just two months after the state of New York sued an appraisal management company, First American eAppraiseIT, for allegedly giving in to pressure from Washington Mutual to inflate property values for loan applications -- thereby contributing to continuing mortgage market losses.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | October 22, 2008
First Mariner Bancorp said yesterday it lost $2.28 million in the third quarter because of the weak housing market and an investment in Washington Mutual, the lender seized by regulators last month. The loss of 36 cents a share is less than that of a year ago, when the Baltimore bank holding company lost $3.58 million, or 56 cents per share. The third-quarter loss, though, is more than four times the company's second quarter loss of $469,000. "Nobody is happy with having to take a $2 million loss," but the core banking operations performed well, said Joseph Cicero, chief operating officer.
BUSINESS
By New York Times News Service | September 26, 2008
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators last night in a bid to prevent the largest bank failure in American history. Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual to JPMorgan Chase. The remainder of WaMu, the nation's largest savings and loan, will be operated by the government. Shareholders and some bondholders will be wiped out. WaMu deposits are guaranteed by the Federal Deposit Insurance Corp.
BUSINESS
By New York Times News Service | September 11, 2008
NEW YORK - The trouble at Lehman Brothers is rapidly becoming a race against time for the struggling Wall Street bank. Lehman's fortunes dwindled further yesterday as the firm, staggered by the biggest loss in its 158-year history, fought to regain confidence among investors. Even as Lehman pledged to take its most drastic steps yet to shore up its financial position, its stock price continued to fall, closing down 7 percent after a day of wild swings. With each passing day, the pressure is growing for Lehman to secure a financial lifeline or at least arrest the precipitous decline in its stock, which has lost 55 percent of its value over the past three days.
BUSINESS
September 9, 2008
Md. business department to streamline divisions The Maryland Department of Business and Economic Development said yesterday that it is reorganizing to make itself more efficient, streamlining seven divisions into three that report to the deputy secretary: economic development; marketing and business development; and tourism, film and the arts. No change in staff or budget numbers is planned. The department will also launch a "biotechnology center" next year to coordinate biotech-boosting efforts and has put together an Office of International Trade and Investment to improve its work to attract outposts of foreign businesses.
BUSINESS
By E. Scott Reckard and E. Scott Reckard,LOS ANGELES TIMES | June 3, 2008
The mortgage meltdown scorched the executive suites of two banks yesterday as Wachovia Corp. fired its chief executive and Washington Mutual Inc. knuckled under to shareholders and stripped its CEO of his chairman's post. Charlotte, N.C.-based Wachovia and Seattle-based Washington Mutual are big players in home loans, on which they've lost billions. Their shake-ups helped rattle the stock market, sending a bank share index to a five-year low, as investors worried about more fallout from the mortgage crisis.
BUSINESS
By Seattle Post-Intelligencer | April 9, 2008
SEATTLE -- Washington Mutual Inc. heaped more bad news on its beleaguered employees and shareholders yesterday, announcing thousands more layoffs, a capital-infusion deal that sent the stock price tumbling, another dividend reduction, and first-quarter results that will be worse than the already low expectations. The slim piece of good news was that the nation's largest savings and loan found investors willing to put $7 billion worth of new capital into the company. That infusion is designed to help Washington Mutual weather the storm of delinquent and defaulted loans that threatens to spread from subprime lending to conventional home loans, home equity lines of credit and credit cards.
BUSINESS
January 29, 2009
First Mariner Bancorp said it expects to release its fourth-quarter earnings report by mid-February. The Baltimore-based bank traditionally has released its year-end earnings in late January. Executive Vice President Dennis Finnegan said yesterday that First Mariner wanted to make sure that bank officials and external auditors have adequate time to review data and reports. First Mariner has suffered a string of quarterly losses during the past year stemming from bad real estate and construction loans and an investment in Washington Mutual, seized by regulators last year.
BUSINESS
By KEN HARNEY | November 11, 2007
When an appraiser hired by your mortgage company confirms that the house you bought is worth what you paid, that's reassuring. But what if the appraiser was pressured to fudge the number? What if the house is actually worth $20,000 or $40,000 less than you paid, and you've got no equity? Does that happen very often? And what connection, if any, might inflated appraisals have with the current mess in the mortgage market? A suit filed in New York Nov. 1 suggests that puffed-up appraisals may not only be commonplace in softening markets but could even be the result of collusion by some of the largest companies in American real estate.
BUSINESS
By KEN HARNEY | January 27, 2008
Veteran real estate appraisers have complained bitterly for years about loan officers' demands that they fudge and inflate numbers to allow mortgage deals to close. But now a California appraiser has filed suit against the country's largest thrift institution, Washington Mutual Bank, charging that she was blacklisted for refusing to provide favorable appraised values despite declining market conditions. The suit by Jennifer Wertz comes just two months after the state of New York sued an appraisal management company, First American eAppraiseIT, for allegedly giving in to pressure from Washington Mutual to inflate property values for loan applications -- thereby contributing to continuing mortgage market losses.
BUSINESS
January 19, 2008
Washington Mutual Inc. Shares gained $1.09 to $13.55. Turmoil in the mortgage market caused the nation's largest savings and loan to swing to a quarterly loss, but one analyst said Wall Street had expected much worse.
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