Tag Archives: washington mutual inc

JP Morgan Offers To Refinance Loans

I wonder how JP Morgan stockholders feel about this? I guess they hope that restructuring loans will cost JP Morgan less money than a bunch of foreclosures. Bank of America restructured thousands of homes to settle a series of lawsuits. … Continue reading

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JP Morgan Tries To Reduce Foreclosures

From the WSJ: J.P. Morgan Chase & Co. launched an ambitious plan Friday to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments or soon could be. The move by the New York … Continue reading

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Banks Struggle For Cash FLow

NEW YORK (AP) — JPMorgan Chase & Co. Inc. came to the rescue of ailing Washington Mutual Inc. Thursday, buying the ailing thrift’s banking assets after WaMu was seized by the Federal Deposit Insurance Corp. The deal will cost JPMorgan … Continue reading

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Troubled ARM Loans Doom Wachovia

From Bloomberg: Wachovia fell 52 percent to $4.88 in German trading. Wachovia’s plight stems from the $24 billion acquisition of Golden West Financial Corp., a California lender that specialized in payment-option adjustable-rate mortgages. Analysts at Fitch Ratings predict default rates … Continue reading

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2007 Mortgages Going Bad At An Alarming Rate

Ruth Simon writes for the WSJ: The equivalent figure for 2006 prime mortgages was just 0.33% after 12 months. Evidence that lax lending standards were leading to higher mortgage delinquencies first emerged in late 2006. Data on other classes of … Continue reading

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One Man’s Misery Is Another Man’s Opportunity

HOUSTON, TX, Jul 28, 2008 (MARKET WIRE via COMTEX) — As the cost to protect Washington Mutual Inc. bonds from default rises for a third time following concerns that the biggest U.S. savings and loan won’t be able to overcome … Continue reading

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Washington Mutual Will No Longer Issue A Couple Of Complex Mortgages

FROM DOW JONES NEWSWIRE: Washington Mutual Inc. (WM) will discontinue two complex mortgage products as it cuts back on riskier loans amid the subprime mortgage mess and falling home prices. The bank also added $1 billion to the assistance program … Continue reading

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Regulating America’s Mortgages

NEW YORK (Associated Press) – A regulator whose agency would disappear under a Bush administration plan to revamp financial oversight says his agency should instead be given expanded power over the U.S. home loan market. John Reich, director of the … Continue reading

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CA Congresswoman Defaults On House?

From the San Jose Mercury News: Richardson, a Southern California Democrat, bought a two-story home in a leafy, upper-middle class neighborhood of Sacramento in January 2007, just months after winning a seat in the state Assembly. Property records on file … Continue reading

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Refinance Crisis Forces Southern California Savings & Loans To Struggle

The Los Angeles Times reports: Investors are increasingly throwing in the towel on Southern California-based savings-and-loan mortgage lenders IndyMac Bancorp, FirstFed Financial Corp. and Downey Financial Corp. Defaults keep climbing on the nontraditional mortgages made by the companies, and bond … Continue reading

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