Three of the biggest lenders in the subprime marketplace were Countrywide, Indymac and Washington Mutual. In a post written 11 months ago, we reported that all three institutions had cut back dramatically on these types of loans as well as on 2nd mortgages and other more risky loans. Within the last 2 weeks, 2 of these institutions are no longer around as stand alone companies. Countrywide was spa
Washington Mutual Corp. is cutting 1,200 jobs nationwide.
The country's largest thrift, hit hard by turmoil in the mortgage and credit markets, said Thursday that some layoffs will be in its home loan business. Home loans workers at WaMu have been the target of recent layoffs as the company has stopped offering subprime mortgages and other risky loans.
WaMu says eligible laid off employees who
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Following a string of banking executives doing the same due to the subprime lending crisis, Chief Executive Officer Kerry Killinger of Washington Mutual, Inc. will step down as chairman. This move occurs after shares dropped 80% in the past year and the company suffered a reported $3 billion loss in the past two quarters.
Stephen Frank [...]
Following a string of banking executives doing the same due to the subprime lending crisis, Chief Executive Officer Kerry Killinger of Washington Mutual, Inc. will step down as chairman. This move occurs after shares dropped 80% in the past year and the company suffered a reported $3 billion loss in the past two quarters.
Stephen Frank [...]
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“Call me paranoid, but when the bullets are flying and the bodies are falling, I’m inclined to worry that I might be next. As for the big banks (investment and otherwise), Bear Stearns is not in anyway shape or form the last man to hit the ground.” — Adam [...]
After failing efforts to rehab its finances, the country’s largest savings and loan has secured $7 billion in new capital. This newest effort to injection capital against the major loan losses comes at the same time that the company is rethinking its strategy. Washington Mutual is slimming down and revamping its management….maybe this [...]
Washington Mutual Inc. expects a $1 billion first quarter loss and said Tuesday that it will slice 3,000 jobs nationwide while also closing more home-loan centers.
Seattle-based WaMu (NYSE: WM), the nation’s largest thrift, has been hit hard by the mortgage turmoil, leading to speculation that its days as an independent financial institution are numbered.
A company spokeswoman [...]
SEATTLE - Washington Mutual Inc., hit hard by rising delinquencies and defaults on mortgages, said Tuesday it will receive $7 billion in new capital from an investment group led by private equity firm TPG but will post a wider-than-expected loss for the first quarter.
The Seattle-based thrift said it will lose $1.1 billion during the first [...]
Washington Mutual, once one of the largest residential Mortgage lenders will stop originating mortgage loans through independent mortgage brokers due to the ongoing mortgage crisis. However, WAMU will still originate mortgage loans through its retail bank branches.
Washington Mutual was an early leader to offer subprime adjustable rate mortgages to the general public and by the [...]
Washington Mutual Inc., hit hard by rising delinquencies and defaults on mortgages, said Tuesday it will receive $7 billion in new capital from an investment group led by private equity firm TPG but will post a wider-than-expected loss for the first quarter.The Seattle-based thrift said it will lose $1.1 billion during the first quarter and [...]
Bloomberg
Washington Mutual Inc., the largest U.S. savings and loan, rallied in German trading after the Wall Street Journal said the Seattle-based company may get $5 billion from an investment group led by private-equity firm TPG Inc.
Washington Mutual, which has lost 74 percent of market value in the past 12 months, gained 17 percent to $11.86 today. The bank is close to receiving funds from the TPG group to bolster the balance sheet after more than $3 billion of home-mortgage writedowns and loan losses, the Journal reported, citing unidentified sources.
At least 14 banks and securities firms have sought cash from outside investors in the past year after more than $230 billion of markdowns and losses caused by the collapse of the U.S. subprime mortgage market, data compiled by B
Washington Mutual (WM) may get $5 billion in much-need capital. It is an example of how financial companies bet on subprime mortgages which cut their share...
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Washington Mutual is a leading banking and thrifts company with revenues of $14,498 million in the fiscal year 2006. The company offers a range of financial products and services to consumers and small businesses. This profile offers a comprehensive review of Washington Mutual’s operations and performance.
Scope of this report
Contains corporate strategy, value chain presence and [...]
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Washington Mutual Inc., the nation's largest savings and loan, said Monday problems in the mortgage and credit markets are forcing it to close offices, slash over 3,100 jobs, and set aside far more...
Continued on JimCramerBlog.com
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Washington Mutual, Inc. (NYSE:WM), in response to the press releases issued recently by the New York Attorney General’s Office regarding its probe of industry-wide mortgage appraisal practices, the company issued the following comments: The integrity of WaMu’s appraisal process is very important and the company works hard to ensure that it operates properly. The company takes any allegations of improper practices seriously, and is continuing its investigation into this …Read More...
We first got our hands on the email sent out by Washington Mutual regarding subprime loans and 2nd liens. Then we heard about National City no longer taking applications on 2nd liens. Now, we got our hands on this email sent out by IndyMac: "Dear Valued Customer, In response to recent liquidity issues in the secondary mortgage market, we have found it necessary to revise a number of our program limits and underwriting guidelines. The following revisions became effective for loans that were not rate locked prior to 12:00 p.m. Pacific Time today. The Indymac Lending Guide will be updated to reflect the changes shortly. Loans affected by the revisions below but rate locked prior to the effective date will be accepted and funded provided all QuickPricer® ratelocks are converted to full e-MITS® submissions by August 10, 2007 and all credit packages are delivered to Indymac by August 17, 2007. In addition, there will be no grace period or "auto-extensions" for clearance of c
The rumors are getting stranger and lamer. Today the chatter that's being heard includes Washington Mutual (WM) putting itself up for sale. With $319 bln in assets but sitting on top of a powder keg of alt-a and jumbo mortgages I would have to wonder who would buy them. Perhaps it would a "friends and family" (a term coined by Bill Cara) engineered rescue? Implied volatility has not moved much despite the rumors.
As I've been saying over the last couple of days - lenders are in Teflon mode. Everything is fine and dandy. WM just posted earnings of 86 cents a share vs estimates of 84 cents. The stock is up about 2%. Says the company...
"Our Home Loans business was challenged during the first quarter by difficult market conditions," he added. "Over the past 12 months, we have taken a number of prudent
A few of my data sources were incorrect. It appears that Washington Mutual's (WM) results will be released this evening not this morning. Washington Mutual Earnings Call scheduled for 6:30 pm ET today. This is odd, since my data sources are generally reliable, but it's a tonight event though most everyone thought it was this morning.
In the meantime: Report: Washington Mutual tops in riskier
Options speculators are apparently expecting bad things from Washington Mutual (WM). It will report earnings on 4/17. Today more than 10,000 April 35 puts have traded vs open interest of just over 7,400. More than 14 thousand April 37-1/2 puts have traded vs open interest of 19.7k. KBW recently stated, "WM which has a large share of production in Alt A products and, in our view, has a large
Washington Mutual (WM) is big in Alt-a adjustables with loan loss reserves of just .6%, about 40% below the average bank. Across the WM options chain, put options volume is running 39k to 9k against the calls.I received a very nice note yesterday from a fellow who was formerly the President of a midwestern financial thrift. He pointed out to me that allowance for loan losses at Downey Financial (DSL) are at just .44%!!! That's pretty awful considering this is a California based lender with great exposure to Alt-a. Put volume there totals only 2800 contracts today, vs calls at 870, though volume is very light.Countrywide Funding (CFC) options volume is also skyrocketing. Put volume is running about 4-times call volume today.
Teller or Senior Teller - Ballard - Full Time - 459344 Job Description Apply Online Description At WaMu, our core values inspire and guide our talented team as... (From Washington Mutual)View Detail
