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What's New Mortgages Looking to buy a new home or refinance an existing mortgage? FDIC spokesman Andrew Gray also declined to comment on any possible action the agency might be taking with regard to Washington Mutual, and bank officials have refused to address market rumors and speculation about a sale. Federal regulators have the authority to push the management of troubled banks and thrifts toward seeking buyers, with the threat of closure at their disposal.
At the same time, a takeover by the FDIC would allow another bank to come in and buy the deposits and branches of Washington Mutual — considered the most valuable part of the thrift — while the government would have to sell off its holdings of soured loans. The FDIC, in general, is responsible "for ensuring a least-cost resolution" of a troubled bank, said Michael Stevens, senior vice president for regulatory policy at the Conference of State Bank Supervisors.
Enactment of a bailout plan "could alleviate some of the pressure" on balance sheets of problem banks generally, but it may come too late for financial institutions whose capital is too far eroded to be able to effectively pursue sales of assets, Stevens said.
Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the Number of employees WaMu Bank from WaMu, Inc. and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC) . .. were identified in California and were to be closed within the following year. Identification Number) . Tax Uncertainties, 79 . It owns two banking subsidiaries, Washington Mutual Bank ("WMB") and Washington Mutual Bank fsb .
WaMu has seen its stock price plummet 76 percent this year, in the face of mounting losses tied to troubled mortgage holdings. The move was seen as helping a possible sale or capital investment.
On Monday, Moody's Investors Service downgraded the financial strength rating of WaMu's main bank subsidiary to "E," its lowest rating, saying the thrift's capital is insufficient to absorb its mortgage losses. Copyright The Associated Press. All rights reserved.
Auction rate securities Collateralized debt obligations Collateralized mortgage obligations Credit default swaps Mortgage-backed securities Secondary mortgage market. Indiana National Jardine Fleming J. Rating: Strong Essays. Any claims by equity, subordinated and senior unsecured debt holders were not acquired. About 14 million of the new shares will go to the Federal Deposit Insurance Corp.
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