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Breaking News... Wamu taken over by JPMorgan Chase

By
Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

I Just found this AP article on MSN

Report: JPMorgan to buy WaMu deposits, branches

The Wall Street Journal is reporting that JPMorgan Chase & Co. has struck a deal to acquire the deposits and some of the branches of Washington Mutual Inc., which has been battered by soured mortgages.

The paper, citing people familiar with the matter, says the deal brokered by the government will not impact the FDIC insurance fund.

The Seattle-based thrift, the nation's largest, has roughly $310 billion in assets and was searching for a lifeline after a credit-rating downgrade further raised questions about its future.

Calls to JPMorgan and WaMu spokesmen and federal regulators were not immediately returned.

JPMorgan has scheduled a conference call for 9:15 p.m. ET Thursday.

Mortgage and Lending updates: http://www.YourFhaGuru.com

 

Comments (14)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

At least they got a large west coast branch operation with all of the bad option arm loans.  good luck to them with all those bad loans.

Sep 25, 2008 12:16 PM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Russ, They must have a ton of the Option Arms and consumers have probably never been as abused.

Sep 25, 2008 12:21 PM
Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

Yes good luck to them and it is aweful hearing about all these bank changes lately!

Thanks

Tom Davis

World Class DE Realtor

Sep 25, 2008 12:44 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Looks like they are getting it for a bargain price as WM stock is down after hours to as low as fifty cents unless it is a knee-jerk reaction.... will look at it in the morning to see what the story is.

Sep 25, 2008 12:46 PM
David Saks
Memphis, TN
Broker / Industry Analyst

Bill, JP can have WAMU as long they still give us the free monthly FICO scores. It's the only reason I have an account with WAMU. :-)

Just kiddin'...hope your having a fine week.

Sep 25, 2008 12:49 PM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Thanks David, the same for you.  Wamu has not been a favorite of mine for many years but I hate to see another one bite the dust.  I might have thought higher of them had I known about the free FICOs.

 

Sep 25, 2008 12:55 PM
Gerry Suarez Jr.
New American Funding NMLS 6606 - Orlando, FL
FL Mortgage Guru

Bill,

Great job breaking the news on AR! You know if Chase is buying they have government guarantees on that option arm portfolio- heck they may not even be buying those, only deposits and branches.

Another one bites the dust. Now all eyes turn to Wachovia?

Gerry Suarez, Jr.

Your HUD Loan Pro!

Sep 25, 2008 12:57 PM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Gerry, sad but true.

Sep 25, 2008 01:03 PM
Andy Raffle
Emery Federal Credit Union - Yardley, PA
Team Leader - NMLS#156564

WAMU going away is somthing that I always hoped for - I made the mistake of letting amortgage get sold to them once...  This is nit quite the way I envisioned it happening.

Sep 25, 2008 01:48 PM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Yes and who is next! Every bank is looking at each other as being shaky.

interbank credit is dead.

 

Richard

Sep 25, 2008 02:02 PM
Susan Peters
Dove Realty Inc. - Seattle, WA
The Better it Looks the Better it Sells

Wow! This week has been like the wild toad ride....

The question is when are we going to be able to get off.

Sep 25, 2008 02:40 PM
Tony Sena
Shelter Realty, Inc - Henderson, NV
Broker/Property Manager

I really thought that Wells Fargo would have taken over WAMU since Wells Fargo is financially sound and JP Morgan has already absorbed a few other companies recently, but guess I was wrong.

Sep 25, 2008 02:44 PM
Gerry Suarez Jr.
New American Funding NMLS 6606 - Orlando, FL
FL Mortgage Guru

Well Bill,

now that Wachovia is down any bets on the next one? My money is on National City.

Gerry Suarez, Jr.

Your HUD Loan Pro

Sep 29, 2008 06:50 AM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Hi Gerry, I hope not but time will tell.

Sep 29, 2008 07:01 AM