Hey! good morning ...longis
Ist gut zu wissen!!
There were reportedly 550 WaMu operational properties transfered to
the FDIC receiver then to JPM.
"JPMorgan Chase acquires Washington Mutual Bank from FDIC
Jones Day advised JPMorgan Chase Bank, N.A., in connection with the
acquisition of Washington Mutual Bank from the FDIC, the largest
bank failure in American financial history. Jones Day handled the
real estate aspects of the acquisition, the assets of which
included approximately 2,850 leased properties and 550 owned
properties, and also continues to provide ongoing advice regarding
FDIC receivership issues."
A document from Duval County, Florida gives assessed values for 59
of those properties:
Total Assessed Value: $124,277,490 (Pg. 14 in above link)
Extending value to 550
59/124 million = 550/x
Solve for x
x = 1.155 billion*
*The properties in Florida may or may not be representative of the
whole portfolio of WaMu properties. I am excluding the value of the
WaMu tower because it was never transfered to the FDIC receiver and
remained with 2nd and Union LLC until purchased by Northwestern