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 TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.
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