Gridlock News

You have probably seen the great commercials by WaMu.  They offer up example after situational example of how they offer banking relationships and experiences that are more human, less expensive and covered with less red tape than your average bank.  This is to encourage you to sign up for one of their savings accounts and start amassing some wealth.

Unfortunately, they also dabbled in the Sub Prime mortgage business and are paying the piper now.  They ended up taking a $1.7 billion loss on that other type of unusual banking practice, mortgages.

That led them to seek $7 billion in a financing infusion this week, which means that they are financially in the safety zone, but I suspect their lending practices will be a little less outside the box in the future.

More Stories on WaMu's loss and capital Infusion

Earthtimes

Analysts widen '08 loss estimates on WaMu
Reuters - Apr 16, 2008
He does not expect WaMu to return to profitability until late 2009. Miller said the $7 billion capital raise by WaMu should be sufficient, ...
DAVID WEIDNER'S WRITING ON THE WALL: The Real Execs Behind GE ... CNNMoney.com
Ahead of the Bell: WaMu estimates, price target slashed Houston Chronicle
A House-Poor Quarter for WaMu Motley Fool
CNNMoney.com - Wall Street Journal
all 239 news articles » WM - GE - FBR

WaMu loss tied to late mortgages
Orlando Sentinel, FL - Apr 16, 2008
Seattle-based Washington Mutual, known as WaMu, posted a $1.87 billion deficit in last year's fourth quarter. Chief Executive Officer Kerry Killinger ...WM

WaMu director quits, others voted down; thrift loses $1.14B in Q1
Bizjournals.com, NC - Apr 16, 2008
WaMu reported a first-quarter loss of $1.14 billion, or $1.40 per share, which compares with net income of $784 million, or 86 cents per share a year ...
Shareholders Score at WaMu BusinessWeek
WaMu Director Resigns Under Pressure TheStreet.com
WaMu board director forced out FT Alphaville
Conde Nast Portfolio - Salon
all 141 news articles » WM

Movers: Intel, WaMu, JPMorgan, Merrill Lynch, Blackrock, CSX
BusinessWeek - Apr 16, 2008
Washington Mutual (WM) posts $1.40 first quarter loss per share, vs. $0.86 EPS a year ago, reflecting a higher level of provisioning as steep declines in ...

JPMorgan CEO says Bear deal doesn't stop bank hunt
Reuters - Apr 16, 2008
Last week, there were reports JPMorgan approached the country's largest savings & loan, although WaMu chose instead to sell a large stake to private equity ...
JPMorgan, Wells Fargo profits decline, but beat forecasts The Associated Press
all 617 news articles »

PR-Inside.com (Pressemitteilung)

Wells Fargo Ahead Of The Curve
Forbes, NY - 17 hours ago
In its first quarter, WaMu suffered a net loss of $1.1 billion, or $1.40 per diluted share, as it doubled its bad loan provisions, to $3.5 billion. ...
Wachovia's Loss a Grim Sign for Banks FOXNews
Banks See A Bright Side In Dour Numbers Forbes
Sector rallies after results from JP Morgan, Wells MarketWatch
all 343 news articles » LON:JMI - WB

Citi CEO Pandit to cut cost base by up to 20%: report
MarketWatch - 4 hours ago
Well, they are obviously trying get some fluff on this stock so when they issue their loss release tomorrow, it (the stock price) will have some buffer on ...

UPDATE: WaMu To Raise $7 Billion, Cut Dividend; Big 1Q Loss Seen
CNNMoney.com - Apr 8, 2008
The mean estimate of analysts surveyed by Thomson Financial was for a 50-cent loss. WaMu has made a series of strategic mistakes that put the company on ...WM

Boston Globe

Earnings Engine To Power Wednesday Trade
Forbes, NY - Apr 15, 2008
WaMu also said it successfully closed its $7 billion equity issuance, shoring up its capital position. (See: "WaMu And Friends") Intel (nasdaq: INTC - news ...
Intel, JPMorgan cheer Wall Street MSN Money
all 1,124 news articles »

WaMu gets $7 bln infusion, sees big quarterly loss
Reuters - Apr 8, 2008
WaMu, as the thrift is known, also said it will reduce its quarterly dividend per share to 1 cent from 15 cents, saving $490 million a year. ...