Washington Mutual Inc., Seattle, has agreed to sell its WM Advisors Inc. subsidiary to the Principal Financial Group, Des Moines, Iowa, for $740 million in cash.The sale is expected to generate a pretax gain for WaMu of at least $650 million. WaMu said the gain is expected to more than offset the financial impact of the sale of $140 billion in mortgage servicing rights (its government servicing portfolio and part of its conforming portfolio) to Wells Fargo Home Mortgage, Des Moines, as well as offset other strategic initiatives the company is undertaking. "This transaction is in keeping with our strategy to streamline our business model and sharpen the focus of our products and services, which target U.S. middle-market consumers and small businesses," said Kerry Killinger, chairman and chief executive of WaMu.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
4h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
9h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago