Items Tagged with 'WAMU'


  • JPMorgan, FDIC, Deutsche Bank near settlement in WaMu mortgage suit

    Covers breaches of certain WaMu representations and warranties
    JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is nearing an end. After battling back and forth, the latest update in the bank’s quarterly regulatory filing revealed two key agreements the involved parties finally came to.
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  • Illinois Homeowner Sues Chase over HELOC Freeze

    A new form of lawsuit against mortgage lenders is evolving amid the tight credit environment. Rather than alleging lenders made misleading or predatory loans, consumers are now filing suit over lenders refusing to extend credit. A Zion, Ill. homeowner, Pascal Majon, is suing JP Morgan Chase [stock JPM][/stock] over alleged fraud to deny homeowners access to funds through their previously approved home equity lines of credit (HELOCs).
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  • WaMu Makes JPMorgan $29 Billion as Shareholders Rail

    Reports this morning are speculating that new accounting rules will allow JPMorgan Chase & Co. [stock JPM][/stock] to gain an additional $29bn over the life of certain Washington Mutual loans, as shareholders in the seized bank are joining forces to criticize the handling of the entire affair. JPMorgan purchased WaMu assets when federal regulators seized the bank back in September.
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  • Chase Keeps Selective Warehouse Presence

    JP Morgan Chase [stock JPM][/stock] recently reversed a decision to shutter its warehouse lending division entirely. The bank said months ago it would close the warehouse unit purchased from Washington Mutual. “Chase bought WaMu’s warehouse lending business last spring,” a company spokesperson told HousingWire in February '08. “We decided it didn’t fit our long-term strategy."
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  • Chase Shutters WaMu Warehouse Division

    JP Morgan Chase & Co. [stock JPM][/stock] has said it is closing the warehouse lending division it bought from Washington Mutual. "Chase bought WaMu's warehouse lending business last spring," a company spokesperson told HousingWire. "We decided it didn't fit our long-term strategy. This decision affects less than 10 active customers and about two dozen employees." National Mortgage News broke the story earlier this week, saying Chase would give its non-bank customers a few months to find new warehouse lines of credit.
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  • J.P. Morgan Profit Falls More than 75 Percent

    JP Morgan Chase & Co. [stock JPM][/stock] announced Thursday a 77.6 percent plunge in fourth-quarter profits, driven by a loss in investment banking largely attributed to continued markdowns and poor trading results, according to a statement by the company.
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  • At WaMu, a Lack of Oversight

    Want the latest evidence of just how fast and loose the RMBS game was played during the recent run-up in housing and mortgage securities? Look no further than an obscure downgrade to the master servicing arm at failed thrift Washington Mutual.
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  • Chase Rolls Out Modification Program, Halts Some Foreclosures

    JP Morgan Chase & Co. [stock JPM][/stock] became the latest large lender to launch an aggressive loan modification plan on Friday, saying it would look to implement a "mass mod" program while voluntarily enacting a foreclosure moratorium on loans it owns in an effort to qualify existing troubled borrowers for the new, expanded program. "It doesn't make sense for us to wait" to tackle the problem, said Charles Scharf, an executive at the firm, according to the Wall Street Journal.
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  • 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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