CAMB helps secure governor's veto on AB 1830: A message from CAMB President Fred Arnold and President-Elect Ed Smith Jr.
National Mortgage Professional
Sep 25, 2008
JPMorgan Chase acquires banking operations of Washington MutualMortgagePress.comJPMorgan Chase, Washington Mutual, FDIC, depositors, Deposit Insurance Fund
JPMorgan Chase has acquired the banking operations of Washington
Mutual Bank in a transaction facilitated by the Federal Deposit
Insurance Corporation. All depositors are fully protected and there
will be no cost to the Deposit Insurance Fund.
"For all depositors and other customers of Washington Mutual
Bank, this is simply a combination of two banks," said FDIC
Chairman Sheila C. Bair. "For bank customers, it will be a seamless
transition. There will be no interruption in services and bank
customers should expect business as usual come Friday morning."
JPMorgan Chase acquired the assets, assumed the qualified
financial contracts and made a payment of $1.9 billion. Claims by
equity, subordinated and senior debt holders were not acquired.
"WaMu's balance sheet and the payment paid by JPMorgan Chase
allowed a transaction in which neither the uninsured depositors nor
the insurance fund absorbed any losses," Bair said.
Washington Mutual Bank also has a subsidiary, Washington Mutual
FSB, Park City, Utah. They have combined assets of $307 billion and
total deposits of $188 billion.
Thursday evening, Washington Mutual was closed by the Office of
Thrift Supervision and the FDIC named receiver. WaMu customers with
questions should call their normal banking representative, service
center at (800) 788-7000 or visit www.WaMU.com. The FDIC's consumer
hotline is (877) ASK-FDIC (1-877-275-3342) or visit www.fdic.gov.
The funding of multifamily affordable housing rose more than 23% in 2021 to its highest volume in history.
The multifamily market grew tremendously over the past year, thanks to $70 billion in financing from Fannie Mae. The funding of multifamily affordable housing rose more than 23% in 2021 to the highest volume in the history of its 33-year-old Delegated Underwriting and Servic...
The report, “Seeing the Forest and the Trees,” encourages investors to consider megatrend opportunities across alternative asset classes.
J.P. Morgan Asset Management released its fourth annual Global Alternatives Outlook for 2022, providing a 12 to 18-month outlook on alternative asset classes while highlighting views from CEOs, CIOs, and strategists from the firm's $200+ billion alternatives platform.
Home Partners of America launched its Choice Lease program aimed at addressing the affordable housing crisis and mortgage access challenges, that are faced by low-to-moderate-income families and underrepresented communities.