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The US Engineers Sale of WaMu to JPMorgan - Essay Example

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The paper "The US Engineers Sale of WaMu to JPMorgan" states that the banking crisis and the failure of Washington Mutual have been precipitated by government inaction and corruption. Loans were made to individuals who did not qualify under the banking laws with lax enforcement. …
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The US Engineers Sale of WaMu to JPMorgan
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Federal banking regulators seized the Washington Mutual Bank in an effort to head off a total collapse of the financial institution and prevent draining of the $45 billion Federal Deposit Insurance Corporation. To keep the bank in business and assure depositors of the solvency of their accounts, the government made a last-minute deal for the bank to be sold to JP Morgan. Falling real estate values and risky sub-prime loans were cited as the reason for the failure. It is the biggest bank failure in US history, and it has created the largest bank by deposits and further consolidates the banking industry.
The Federal Reserve warned of the excessive failure rates of these loans in the early 2000s. To compound the problem, interest rates were allowed to rise beginning in June 2003, which made real estate less attractive and caused housing prices to tumble.
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