Friday, February 25, 2011

History of Washington Mutual Bank, FA, formerly American Savings Bank, FA

http://www2.fdic.gov/idasp/main_bankfind.asp

History of Washington Mutual Bank, FA, Stockton, California (FDIC Cert: 32633)
Note: This institution is currently part of JPMorgan Chase Bank, National Association, Columbus, Ohio (FDIC Cert: 628)
 

Date  Event 
1 12/27/1988  Institution established. Original name: American Savings Bank, FA (32633)
2 6/14/1990  Changed name to American Savings Bank, F.A. (32633).
3 9/11/1991  Acquired American Savings Bank, F.S.B. (33130) in Huntington Beach, California.
4 9/13/1991  Acquired Columbia Savings And Loan Association, F.A. (33359) in Beverly Hills, California.
5 3/20/1992  Acquired Far West Savings And Loan Association, F.A. (33324) in Newport Beach, California.
6 4/10/1992  Acquired Valley Federal Savings And Loan Association (31768) in Van Nuys, California.
7 6/3/1994  Acquired Encino Savings Bank, Fsb (31484) in Encino, California as part of a government assisted transaction.
8 10/1/1997  Changed name to Washington Mutual Bank, FA (32633).
9 10/1/1997  Acquired Great Western Bank, A Fsb (29602) in Chatsworth, California.
10 10/3/1998  Acquired Home Savings Of America, Fsb (15919) in Irwindale, California.
11 2/13/2001  Acquired Bank United (32640) in Houston, Texas.
12 1/7/2002  Acquired The Dime Savings Bank Of New York, Fsb (16011) in New York City, New York.
13 1/1/2005  Acquired Washington Mutual Bank (9576) in Seattle, Washington.
14 4/4/2005  Changed name to Washington Mutual Bank (32633).
15 9/23/2005  Moved bank headquarters from Stockton, California to Henderson, Nevada.
16 10/1/2005  Acquired Providian National Bank (6252) in Tilton, New Hampshire.
17 3/1/2006  Reorganized.
18 10/1/2006  Acquired Commercial Capital Bank, Fsb (32316) in Irvine, California.
19 9/25/2008  Merged with government financial assistance and subsequently operated as part of JPMorgan Chase Bank, National Association (628) in Columbus, Ohio.


FDIC closing information for Washington Mutual Bank (32633): http://www.fdic.gov/bank/individual/failed/wamu.html
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4 comments:

  1. Notice of Change as of 2/24/2011.
    The financial institution about which you have inquired, Washington Mutual Bank, FA (FDIC Cert: 32633), is no longer doing business under that name.

    The active successor institution is JPMorgan Chase Bank, National Association (FDIC Cert: 628).

    Latest information available about JPMorgan Chase Bank, National Association.

    Historical profile and institutions following Washington Mutual Bank, FA.
    Last financial information available about Washington Mutual Bank, FA.


    Contact the FDIC about - Washington Mutual Bank, FA or JPMorgan Chase Bank, National Association

    ReplyDelete

  2. Questions.

    1) Given that Washington Mutual Bank, FA (WMBFA) ceased to exist after 4/4/2005, why aren't all deeds of trust with WMBFA as beneficiary, and all promissory notes with WMBFA as promisee, that were "executed" after 4/4/2005, void for failure to have a beneficiary/counterparty? I think they are, especially given the apparent answer to question 3 below.

    2) Many thousands of deeds of trust and promissory notes were drawn up by Washington Mutual Bank (WMB) with WMBFA as beneficiary and promisee AFTER 4/4/2005 (over 20,000 deeds of trust recorded in King County, Washington alone after 4/4/2005, over the course of a couple of years).

    Does anyone know why WMB did this given that it rendered all of these deeds of trust and promissory notes void (well, if someone can get a court to acknowledge that)? My guess is to avoid regulatory oversight related to securitization ... but which regulations?

    3) How could the FDIC have taken into receivership and then sold to JPMorgan Chase, deeds of trust and promissory notes that were made out to a non-existing WMBFA after 4/4/2005? My take is that the FDIC does not have the power to change time, or to bring banks back into existence when they have stopped existing, or to rewrite deeds of trust and promissory notes, and anyway it did not attempt to do any of those things during its one day of receivership. So, how could the FDIC have taken these defective/void documents that could not have belonged to WMB (as they were made out to WMBFA when it it not exist) into receivership?

    4) Am I missing something, or... ?

    ReplyDelete
    Replies

    1. If a promissory note is payable to the order of a nonexistent entity then the note is bearer paper and payable to the entity that possesses the note.

      Delete

  3. But if someone with a duty to disclose material information to you before you enter into a loan agreement induces you to enter into said agreement with a nonexistent entity isn't that fraud? It also sounds like there wouldn't be a meeting of the minds and, therefore, the agreement is null and void or at least voidable. No?

    ReplyDelete

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