Items Tagged with 'Washington Mutual Inc.'

ARTICLES

  • WaMu Shares Jump on Purchase Rumor; Buzz Short-Lived

    Pressure continued to mount Thursday for troubled thrift Washington Mutual [stock WM][/stock] as it remains under-the-gun to find a buyer, or reportedly face regulatory action. The thrift was reportedly considering a deal with private-equity buyers, according to a report Thursday morning in the Wall Street Journal.
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  • S&P Cuts WaMu, Cites Breakup Concerns

    Woes are clearly mounting for troubled thrift Washington Mutual [stock WM][/stock], which saw Standard and Poor's Ratings Services cut its ratings on the Seattle-based thrift further into junk territory on Wednesday, following an earlier ratings cut by rival agency Moody's Investors Service earlier this week.
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  • WaMu Cuts $6 Billion in HELOCs

    Washington Mutual Inc. [stock WM][/stock] has either suspended or cut down a total of $6 billion in available home equity lines of credit in the latest effort by a major bank to reduce its exposure to the mortgage mess. The cuts, which were first reported last week by National Mortgage News, affect an unknown number of customers; the bank has declined to identify the number of affected customers to the press.
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  • Mortgage Losses Stuck on Some Balance Sheets: Report

    Some market participants are playing a high-stakes game of poker with their mortgage-related losses, choosing to keep losses on their balance sheet rather than recognizing losses on an income statement, a report at Bloomberg News claimed on Monday. The report alleges that banks and securities firms are "failing" to acknowledge at least $35 billion in losses on their balance sheets, an amount equal to 25.4 percent of the $139 billion in write-downs that have already hit earnings.
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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 Soars on Rumors of $5 Billion Investment

    Washington Mutual Inc. [stock WM][/stock] is nearing a deal for $5 billion in investment from the likes of private-equity titan TPG, according to a report published Monday in the Wall Street Journal. Shares of the Seattle-based bank soared on the news, jumping up nearly 35 percent in heavy trading Monday morning. From the WSJ:
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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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  • NAACP Sues Bevy of Mortgage Lenders, Alleges Racial Discrimination

    From the Associated Press, via Forbes: The NAACP sued a dozen mortgage lenders on Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. The lawsuit, which seeks class-action status, was filed in U.S. District Court in Los Angeles. It demands a court order barring the lenders from discriminating against blacks and compelling them to comply with fair housing and credit laws.
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