WaMu seized, sold to J.P. Morgan Chase

In the largest bank failure in US history, Washington Mutual, with about $310 billion in assets, succumbed Thursday to the fallout from the subprime mortgage crisis, was seized by federal regulators and rapidly acquired by J.P. Morgan Chase for $1.9 billion. The federal Office of Thrift Supervision said it closed WaMu on Thursday and appointed the FDIC as receiver. The FDIC in turn conducted the bidding process that led to the purchase by J.P. Morgan.