Stupid WaMu trends

As this graph from Google Trends for the search term “washington mutual” shows, WaMu was in trouble long before the crisis of 2008.

Judge ruled against Chase

For what it’s worth, a Judge has ruled against JP Morgan Chases argument that he does not have jurisdiction in the case of Washington Mutual Inc (former owners of WaMu bank) vs JP Morgan Chase to recover some $4B in funds that WaMu Inc had deposited with WaMu bank.

WaMu lives on in Google street view

The permanent Chase sign is up at my local WaMu branch in Menlo Park, CA, but WaMu still lives on there in Google Maps street view. (signs)

After effects of WaMu seizure

Here is a radio broadcast entitled, The Fall of WaMu, One Year Later, which examines the aftereffects of the WaMu seizure and sale to Chase. Some highlights if you don’t want to listen to the hour long program:

• People who experienced a smooth transition from WaMu to Chase are in the Minority.
• Huge numbers of WaMu customers have left WaMu since 2007.
• There is still an overall outflow of WaMu customers now (more leaving then joining).
• The largest number of people still planning on leaving their bank (of any bank) are Chase customers.
• Former WaMu customers still identify themselves as WaMu customers, not Chase customers.
• The largest number of customers leaving WaMu headed for a credit union, followed by Wells Fargo.

Happy Anniversary!

Happy one year anniversary of your seizure by the FDIC and sale to JP Morgan Chase WaMu!

Summary of changes since the seizure

Even as bad as I thought WaMu was, I would hear an occasional story about a well run branch that people liked. Here is one person who liked their WaMu experience and now hates what it has become with Chase. It has a good summary of what has changed with Chase (story)

Chase tries to dismiss a class action

With all the information flowing around about the out and out fraud practiced by WaMu in their culture of deceit trying to sell as many crappy home loans as possible, I find it funny that WaMu/Chase claims in response to a class action filed against them that they are not liable just because they “failed to predict the severity of the housing crash and the impact it would have on WaMu.” Oh please. That is like saying that builders of houses of cards can’t be blamed for failing to predict a slight breeze. The problems with WaMu started at the top and the former executives and directors personal gains from WaMu should be fair game for those who lost money.

Update 4/7/09: The courts today halted a class-action lawsuit started back in 2005 against Washington Mutual on the grounds that claims against the bank are better directed to the FDIC as the receiver of WaMu since it was seized last year. (article) Is the mortgage-fraud related class-action discussed here next to be halted?

Burned by the WaMu failure?

While I thought WaMu might eventually fail, the seizure and quick sale of WaMu when it happened did seem rather sudden and based on information I’ve seen since them, possibly unjustified. If you are a WaMu shareholder or other interested party, you can join the folks at wamurape.org to seek legal recoure to these events. (press release)