Washington Mutual customers now JPMorgan Chase customers
Customers of Washington Mutual Inc., will be able to conduct business as usual, regulators said, after they took over the institution Thursday night in the largest bank failure in US history.
Washington Mutual's bank accounts and home loans were taken over by JPMorgan Chase late Thursday, which immediately began running WaMu's operations That means banking customers can continue to do business at their old branches and their accounts will remain intact, according to the Federal Deposit Insurance Corp.
Homeowners who have their mortgages through WaMu should continue making payments as usual, the FDIC said. Loan terms won't change, and monthly payments should continue to be made to the same address until further notice.
WaMu was the ninth-largest home mortgage lender in Massachusetts so far this year, with 2,153 new loans, according to real estate data provider, the Warren Group. It had lent out a total of $637 million in 2008, compared with $10.9 billion for JPMorgan at the same point.
In December the thrift said it would close all seven lending offices it had operated in Massachusetts.