Washington Mutual's demise was brought about -- in large part -- by its addiction to option-payment adjustable-rate mortgages, which were among the riskiest of the hybrid loan types that became so popular during the real estate bubble.
Like other large banks with "legacy" portfolios of toxic mortgages acquired from other institutions, JPMorgan has shown a great willingness to
modify the option-ARMS
, in an effort to keep borrowers in their homes.
Thorough Bank Failure Coverage
All bank and thrift closures since the beginning of 2008 are detailed in
interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
Written by Philip van Doorn in Jupiter, Fla.
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