2008/09/28

WaMu Handed To JP Morgan On a Silver Platter

The FDIC [ Federal Deposit Insurance Corporation] seized WaMu ,  the nation’s largest Savings & Loan who had been hit hard by bad mortgages , and sold it to JP Morgan for $1.9 Billion USD Cash and assumption of $31Billion in Bad Loan Debts [making option adjustable rate mortgage arm loans to the least creditworthy borrowers, who were permitted [...]