WaMu Built an Empire on Bad Loans

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Washington Mutual is the biggest bank failure in U.S. history. “Washington Mutual built a conveyor belt that dumped. Washington Mutual flooded the market with shoddy loans and securities that went.

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Washington Mutual, Inc-abbreviated to WaMu-was a savings bank holding company and the. It was servicing for itself and other banks loans totaling 9.7 billion, its Canadian parent Royal Trustco assume all of Pacific First's bad loans.. Killinger's goal was to build WaMu into the "Wal-Mart of Banking", which.

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Also appearing in the sunday december 28 issue of the Times “Saying Yes to Anyone, WaMu Built an Empire on Shaky Loans,” by Peter S. Goodman and Gretchen Morgenson. “WaMu” is Washington Mutual, and you don’t need a degree in finance to be appalled by what was going on in recent years in that institution’s mortgage processing center:

Washington Mutual ran into trouble after it got caught up in the booming part of the mortgage business that made loans to people with bad credit, known as subprime borrowers.

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What Happened to WaMu. As a result of the failure, Washington Mutual’s assets were sold to Chase Bank. The federal deposit insurance Corporation (FDIC) helped to transfer deposits and loans to Chase so that customer’s lives were more or less undisturbed (as with most bank failures in the modern U.S.).

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Fishman, who replaced longtime WaMu CEO Kerry Killinger on Sunday, faces a daunting task. WaMu made bad loans, a lot of them. he sees WaMu sticking to retail and mortgage banking. WaMu was built on.

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