WaMu

Washington Mutual, often referred to as WaMu, was an American thrift and savings and loan company that existed from 1889 to 2008. Founded in Seattle, Washington, it grew to become the largest thrift institution in the United States by assets. For much of its history, WaMu was a prominent figure in the mortgage lending market and also offered a wide range of banking services, including checking and savings accounts, credit cards, and personal loans. The company operated a significant retail branch network across the country.

WaMu's business model relied heavily on mortgage origination and servicing. In the years leading up to the 2008 financial crisis, the company experienced rapid growth, partly fueled by the housing boom and the issuance of subprime mortgages. As the housing market began to decline, WaMu's substantial holdings of mortgage-backed securities and its exposure to risky loans led to significant financial distress.

In September 2008, amid the escalating financial crisis, WaMu faced a severe liquidity crisis. Depositors began withdrawing funds, and the company's stock price plummeted. On September 25, 2008, the Office of Thrift Supervision (OTS) seized Washington Mutual, marking the largest bank failure in U.S. history. Subsequently, JPMorgan Chase acquired WaMu's banking operations, including its deposits and branches, for $1.9 billion. The remaining corporate entity, stripped of its banking assets, eventually liquidated.