Items Tagged with 'Kerry Killinger'

ARTICLES

  • WaMu Tanks as As Buyers Run Scared

    A shake-up at the top has apparently done little to quell investor unrest over the future of Washington Mutual [stock WM][/stock], the nation's largest thrift. Share prices fell for the third straight day despite a move on Monday to replace long-time CEO Kerry Killinger with a company outsider, and were down more than 20 percent on Wednesday when this story was published. Bottom line: investors are fleeing firms with signficant mortgage exposure and a likely need to raise capital. WaMu fits that description to a tee.
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  • WaMu Boots Killinger; OTS Takes Action

    The latest victim of the mortgage crisis -- no, not the GSEs -- is Washington Mutual [stock WM][/stock] CEO Kerry Killinger, who helped turn the Seattle-based company into the nation's largest thrift. WaMu said on Monday before market open that it has replaced the long-time CEO.
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  • WaMu: $5.9 Billion Provisioned for Losses During Q2

    Washington Mutual [stock WM][/stock] joined the earnings parade late Tuesday by announcing that it lost $3.33 billion in the second quarter, as it significantly hiked its loan loss reserves by $3.74 billion to $8.46 billion -- but the staggering losses seemed to take a back seat to the company's announcement that it would cut $1 billion in costs, and an assertion by CEO Kerry Killinger that further capital wouldn't be needed. At least immediately.
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  • WaMu Confirms Rumors, Will Exit Much of Mortgage Origination Business

    The rumors are true. Washington Mutual, Inc. [stock WM][/stock] confirmed Tuesday morning that it would raise $7 billion via a direct placement of securities with an investor group led by an affiliate of TPG Capital; that number is $2 billion greater than the $5 billion that had been reported earlier by the Wall Street Journal, ahead of the deal's formal announcement.
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  • WaMu's Board Gives Execs a Pass on Mortgage Mess

    In a move that's raising strong investor ire, Washington Mutual's board voted this week to shield executive bonuses from the effects of the mortgage downturn. In a filing with the Securities and Exchange Commission earlier this week, the bank disclosed that it will carve out losses from the mortgage mess in calculating bonuses for senior executives, including CEO Kerry Killinger.
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  • WaMu Posts $1.87 Billion Q4 Loss on Mortgage Woes

    Washington Mutual, the nation's largest thrift, reported a net loss of $1.87 billion for the fourth quarter after market close on Thursday. The loss was its first since 1997, and came as WaMu took a $1.6 billion after-tax charge to the value of its home mortgage unit and set aside $1.53 billion for credit losses.
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  • Report: WaMu Will Exit Warehouse Funding Business

    National Mortgage News is reporting that Washington Mutual will shutter its entire warehouse lending division. According to the NMN story, a spokesperson confirmed the move late this afternoon and said the warehouse group is in a "wind-down phase" and that WaMu employees "just received the news themselves." No formal press statement was available on WaMu's Web site, but I'd expect one soon.
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  • Wamu: "Near Perfect Storm" In Housing

    Per Bloomberg, it looks as if at least some of the nation's larger banking operations are figuring out that we aren't facing a short-term market correction in housing and mortgages: Washington Mutual Inc., the largest U.S. thrift, said that conditions in the housing market are creating a 'near-perfect storm' and may force the company to set aside more money to cover bad loans.
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  • Wamu Makes Changes; CIT Exits

    Reinforcing an email I'd received from a HW reader yesterday, WaMu said in its earnings call that it's taking some drastic steps towards improving the performance of its subprime loans: Starting immediately, homeowners will have to meet stricter standards to get a mortgage and some loans won't be offered at all, including subprime stated-income loans, [Washington Mutual] Chief Executive Officer Kerry Killinger said during a conference call ...
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