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Washington Mutual
’Washington Mutual wields axe — time for CEO’s ‘golden parachute’?
Washington Mutual, the largest US savings and loan company, Monday said it would slash its dividend, cut jobs and raise $2.5bn to contend with the subprime mortgage crisis, reports the FT on Tuesday.
WaMu will also write down the value of its home lending unit by $1.6bn in the fourth quarter,
‘Hope Now’?: US, banks, near plan to freeze subprime rates
The Bush administration and major financial institutions are close to agreeing on a plan that would temporarily freeze interest rates on certain troubled subprime home loans, reports the Wall Street Journal on Friday,
Consumer lenders suffer big falls
Stocks of consumer lending businesses plummeted on Wednesday, as some of the largest US mortgage and credit card lenders set aside increased reserves for bad loans amid ongoing deterioration in the US housing market.