WAMU credit card portfolio charge-off rate to approach 18% to 24% by the end of 2009 [unemployment rate in the united states] [jpmorgan chase]

JPMorgan Chase & Co. on Thursday said it is likely the unemployment rate in the United States will rise to 9% to 10% in 2010 before labor demand strengthens.
The company said in its quarterly report filed with the Securities and Exchange Commission that it expects the global and U.S. economic environments "to weaken further and potentially faster."
The company said that quarterly net charge-offs could, over the next several quarters, reach $1.4 billion for its home equity portfolio, $500 million for its prime mortgage portfolio, and $375 million to $475 million for its subprime mortgage portfolio.
JPMorgan said it expects the managed net charge-off rate for card services, excluding the Washington Mutual credit card portfolio, to approach 9% in the second quarter. The firm said it expects the managed net charge-off rate for the Washington Mutual credit card portfolio to approach 18% to 24% by the end of 2009.
At current market valuation and activity levels, JPMorgan said it is reasonable to expect quarterly net revenue over the near term of about $1.4 billion in commercial banking, $2 billion in treasury and securities services, and $1.8 billion in asset management.
Assuming economic conditions do not worsen beyond JPMorgan's current expectations, the company said it continues to believe the net income impact of Washington Mutual's banking operations could be about 50 cents a share in 2009 and the Bear Stearns businesses could contribute $1 billion, after-tax, annualized after 2009.
JPMorgan also said regulators could impose additional costs on the company. The company said it expects to be subject to a special assessment by the Federal Deposit Insurance Corp., that, based on its deposit base, could reach between $750 million and $1.5 billion.
http://www.marketwatch.com/news/story/jp-m…&dist=msr_1

---

Women Chase Men
Reply: SINCE WHEN ARE THE WAMU ACCOUNTS SEPERATE FROM CHASE???There are a subset of WaMu/Providian poor credits which weren't converted to Chase plastic and are being "run off".That makes the 25% figure make more sense – i thought they meant the whole portfolio they got from wamu. I wonder how many of them got pissed because chase wasn't renewing their card so they quit paying…
Or how many got ratejacked beyond reason and couldn't pay?

---

Dynamic Theme Units for Homeschooling
Reply:Wamu still acts as a seperate entity. I got a call asking if I'm interested in an offer from WaMu on my answering machine.

---

Job Search System – A Must have for the unemployed!!
Reply: SINCE WHEN ARE THE WAMU ACCOUNTS SEPERATE FROM CHASE???
There are a subset of WaMu/Providian poor credits which weren't converted to Chase plastic and are being "run off".
That makes the 25% figure make more sense – i thought they meant the whole portfolio they got from wamu. I wonder how many of them got pissed because chase wasn't renewing their card so they quit paying…

---

Homeschool Unit Studies and More!
Reply: SINCE WHEN ARE THE WAMU ACCOUNTS SEPERATE FROM CHASE???
There are a subset of WaMu/Providian poor credits which weren't converted to Chase plastic and are being "run off".

---

Complete Romeo And Juliet Unit Plan
Reply:SINCE WHEN ARE THE WAMU ACCOUNTS SEPERATE FROM CHASE???

---

Related posts:

1. Wamu/Chase Credit Card Account Closed [chase credit card] [closing my account]
2. Sweating WaMu—Chase bullets ! [secured card] [wamu]
3. WaMu.Prime or Subprime? [wamu] [providian]
4. Applied for my first Chase Card.any hope?!?! [second chase] [chase card]
5. Prevent Chasing the Balance on Chase Card [chase cards] [chase card]