Skip to main content

JPMorgan, FDIC Settle WaMu Case for $645M

Phil Hall
Aug 22, 2016
JPMorgan Chase & Co. has announced that it is receiving $645 million from a settlement involving with the Federal Deposit Insurance Corp. (FDIC) and Deutsche Bank AG stemming from its 2008 purchase of the banking operations of Washington Mutual Inc. (WaMu

JPMorgan Chase & Co. has announced that it is receiving $645 million from a settlement involving with the Federal Deposit Insurance Corp. (FDIC) and Deutsche Bank AG stemming from its 2008 purchase of the banking operations of Washington Mutual Inc. (WaMu).

According to Reuters report, JPMorgan used a regulatory filing to detail the news that it would collect the settlement funds from the estate of Washington Mutual Bank, which is under FDIC receivership in return from dropping more than $1 billion in claims related to the Washington WaMu purchase. Deutsche Bank, which served as trustee overseeing 99 trusts holding residential mortgage securities backed by toxic WaMu mortgages, will also have a claim against the estate, thus ending its $10 billion lawsuit against JPMorgan and the FDIC.

JPMorgan added that the settlement requires court approval. The FDIC, which seized WaMu in September 2008 and sold its banking operations to JPMorgan for roughly $1.9 billion, did not publicly acknowledge this development.

Published
Aug 22, 2016
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021