Washington Mutual Bank has collapsed. The largest financial institution in America is no more. This is the largest Financial institution collapse in History.
The Government has seized control of Washington Mutual bank. One of the major symbols of the Mortgage boom crazed financial has already started to have assets sold off at a Government fire sale. The majority of WaMu has been sold of by Government Regulators to JP Morgan Chase. The remainder of WaMu’s financial and Banking operation will be operated by the Government.
The majority of WaMu customers are not expected to be affected as the FDIC insures deposits up to $100,000 per account, however share holders are more or less wiped out.
JP Morgan Chase will take control of all 2,300 branches of WaMu officially Friday morning. In addition to WaMu’s standard banking JP Morgan Chase will also gain control of WaMu’s Mortgage division and credit cards as well as all deposits. JP Morgan Chase is expected to close 10% of the branch locations.
JP Morgan Chase is spread over 60 countries and controls assets valued at over $2 trillion dollars. Further information on JP Morgan Chase is available at JPMorganChase.com
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