10:06 April 8th, 2008
Washington Mutual’s long-expected capital infusion landed on Tuesday, with the nation’s largest savings and loan set to receive $7 billion from TPG Inc and other investors — well above the $5 billion figure that most expected last week. But the extra cash wasn’t enough to assuage shareholders, who punished the bank’s stock amid concerns about drastic cutbacks in mortgage operations and $3.5 billion set aside for loan losses.
The response stands in stark contrast to a week ago, when UBS’s $19 billion writedown and the departure of its chairman drove its shares up nearly 15 percent and sparked a global stock rally. But even after its eye-popping write-downs, UBS is a big big global bank, while WaMu - the incredible shrinking S&L - is not doing much to convince investors that its moves herald the end of the crisis.
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Wow, I can not believe they can not ask for forgivness and help.TOOO BADDD!!! They almost forcloused on me with NO forgiveness and a 7000.00 refinance. Thank you for a great friend and a honest person We were out of wahington Mutual and thank youin another Banking Institution. Lord.
- Posted by Old Wam Customer