Life for a business is similar to, life for a person. It's difficult to go through all life has to offer watching the rear view mirror. This being true; it is also true ignoring the past makes the future a series of re-educations. For future home owners; paying on a Washington Mutual Mortgage is like walking barefoot on broken glass. If your get through it; the memory will last forever. Many ask, what could cause a company founded in 1889 to suffer such an unflattering demise?
In the 1980's and 90's a housing boom flourished. Law makers and bearcats in Washington applied pressure on lending institutions to mortgage more homes. Considering, sharing in the American dream of home ownership, the idea and practice was a big hit with the general public. In no time at all, home sales skyrocketed resulting in more mortgages being written and sold. Washington Mutual operated as one of the major players in the subprime mortgage arena.
Throughout this period homes were selling at record pace. Mortgages were being written by both professionals and amateurs. Many of these mortgages were written on people unqualified to purchase homes, and in turn the paper was bought and sold by banking firms like Washington Mutual. (WAMU) Washington Mutual made billions of dollars in sales and grew rapidly however on September 25, 2008 their future collided with the past. As a result Washington Mutual Inc. Came to an end.
On September 26, 2008, JP Morgan Chase acquired Washington Mutual. In a secret and private bidding process, Washington Mutual's strong history of satisfying its customer and usually making sound business decisions came to an un-ceremonial end.
Washington Mutual could hardly be considered a helpless victim. The firm proved itself more than willing and able to be the dog, in "dog, eat dog", corporate warfare. Many corporations and businesses fell victim to the WAMU acquisitions machinery, and was consumed. In the darkness of a Thursday night in 2008, Washington Mutual, Inc. Became food to a bigger dog.
In the 1980's and 90's a housing boom flourished. Law makers and bearcats in Washington applied pressure on lending institutions to mortgage more homes. Considering, sharing in the American dream of home ownership, the idea and practice was a big hit with the general public. In no time at all, home sales skyrocketed resulting in more mortgages being written and sold. Washington Mutual operated as one of the major players in the subprime mortgage arena.
Throughout this period homes were selling at record pace. Mortgages were being written by both professionals and amateurs. Many of these mortgages were written on people unqualified to purchase homes, and in turn the paper was bought and sold by banking firms like Washington Mutual. (WAMU) Washington Mutual made billions of dollars in sales and grew rapidly however on September 25, 2008 their future collided with the past. As a result Washington Mutual Inc. Came to an end.
On September 26, 2008, JP Morgan Chase acquired Washington Mutual. In a secret and private bidding process, Washington Mutual's strong history of satisfying its customer and usually making sound business decisions came to an un-ceremonial end.
Washington Mutual could hardly be considered a helpless victim. The firm proved itself more than willing and able to be the dog, in "dog, eat dog", corporate warfare. Many corporations and businesses fell victim to the WAMU acquisitions machinery, and was consumed. In the darkness of a Thursday night in 2008, Washington Mutual, Inc. Became food to a bigger dog.
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