How much did chase pay for WaMu?

$1.9 billion
Under the deal, JPMorgan Chase acquired all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits, for a price of $1.9 billion plus debt assumptions.

Who bought WaMu mortgages?

JPMorgan Chase
Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank.

What happened to Washington Mutual accounts?

On Thursday, the Federal Deposit Insurance Corp. seized the assets of Washington Mutual, the nation’s largest savings and loan, and brokered the sale of the company to JPMorgan Chase. The collapse of Washington Mutual — often called WaMu — is the largest bank failure in U.S. history.

What caused Washington Mutual to fail?

6 But when housing prices fell, it no longer mattered. The second reason for WaMu’s failure was that it expanded its branches too quickly. As a result, it was in poor locations in too many markets. As a result, it made too many subprime mortgages to unqualified buyers.

What happened WaMu stock?

On the day after WAMU failed, its holding company, Washington Mutual, Inc. (“WMI”), filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Case”). WMI owned all WAMU shares of stock and was the sole equity holder of WAMU.

Are Washington Mutual checks still valid?

As part of the receivership agreement, the Federal Deposit Insurance Corporation took over inactive WaMu accounts, then forwarded those accounts to the state of the account-holder’s last known address. If you are holding a check drawn on an inactive account, then the check will be returned if you try to deposit it.

What happens when a mutual bank is bought?

A bank that is owned by its members, as opposed to a conventional bank, which is owned by shareholders. Profits from mutual banks are typically returned to members in the form of lower rates on loans and higher rates on deposits. Sometimes mutual banks decide to convert to regular, stockholder-owned banks.

Is Chase bank owned by Washington Mutual?

JPMorgan Chase & Co. will acquire all deposits, assets and certain liabilities of Washington Mutual Inc. from the Federal Deposit Insurance Corp., which has taken control of the nation’s largest thrift. As part of this transaction, JPMorgan will pay approximately $1.9 billion to the FDIC.

Did Washington Mutual turn into Wells Fargo?

The day before regulators seized the banking operations of Washington Mutual and sold it to J.P. Morgan Chase in 2008, Wells Fargo & Co.

Where is Kerry Killinger now?

Kerry Killinger, who has defended his role at Washington Mutual, spends most of his time running his Seattle-based foundation.

What happened to Kerry Killinger?

Faced with mounting losses from the mortgage market and steep declines in the stock price as a result of the subprime mortgage crisis, the board of directors removed Killinger as CEO on September 8, 2008.

When did chase buy WaMu?

Please note that any deposits that have not been claimed within 18 months of the failure of Washington Mutual Bank FSB was sent to the FDIC by JP Morgan Chase Bank as acquirer of Washington Mutual Bank, FSB on April 15th, 2010.