WaMu Built an Empire on Bad Loans

His rental empire includes nearly 5,000 homes in Texas – concentrated in suburban Dallas and Houston. Unlike earlier corporate landlords who built apartment complexes. Back then, banks bundled bad.

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WaMu was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the Great Seattle Fire destroyed 120 acres (49 ha) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890.

 · JPMorgan Builds Strength With WaMu Deal in Tense Age. As the nation’s largest savings and loan teetered on Thursday morning, a senior federal regulator called a familiar number: James Dimon ‘s. It was the same number that the Federal Reserve had called six months earlier, when Bear Stearns, one of the oldest names of Wall Street,

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Washington Mutual Bank, affectionately referred to as WaMu for decades, used to be the largest savings and loan financial institution in the United States until its spectacular collapse that occurred at the height of the financial crisis in 2008. Ironically, the bank was no longer a mutual company from 1983 onward because of its decision to demutualize and evolve into a publically traded company.

Problems in WaMu’s home loan business began to surface in 2006, when the bank reported that the division lost $48 million, compared with net income of about $1 billion in 2005.

compensation schemes at such companies as Washington Mutual ("WaMu") and American International Group ("AIG"). They argue, inter alia, that WaMu was a primary facilitator of bad mortgage debt that "built [an] empire on shaky loans." 12. Question 2 . Meanwhile, AIG exacerbated the problem by insuring the repackaged mortgage debt in

The fall of America’s sixth-largest bank, Washington Mutual, which built an empire based on reckless lending, exemplifies these failings. As the housing boom heated up, WaMu raced after a piece of the action at all costs. Its supervisors chastised loan officers who tried to verify suspicious claims on mortgage applications.

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(Randy vazquez/bay area news group) The homes on Lorraine Avenue were built in the 1920s when the Santa clara valley. (randy vazquez/bay area News Group) She told them about the loans they needed.

The bad news. s empire already on shaky ground financially, that action by regulators may have been the decisive blow. In the past three years, Dade Medical received more than $100 million in.