The Real Deal Miami

WaMu crisis blooms anew

September 18, 2008 03:12PM

Another grim day for financial stocks on Wall Street left Florida’s third largest bank in the crosshairs. Washington Mutual — plagued by bad mortgage loans — appeared to be headed for a fire sale late Wednesday. With 125 branches and deposits of more than $8 billion in the state, WaMu factors heavily in Floridians’ financial lives. Its stock is down more than 85 percent this year. The New York Times reported an auction of the bank was already underway, and the Wall Street Journal reported that Wells Fargo and Citigroup expressed interest in a takeover. WaMu, Wells Fargo and Citigroup all declined to comment.