WMIH Corp. is a corporation with its headquarters in Seattle, Washington, United States. WM Mortgage Reinsurance Company, Inc. and WMI Investment Corp are the children associates of WMIH. The situation of the company went low in 2012 when it emerged from bankruptcy proceedings with succession to Washington Mutual, Inc. They had limited operations as there was no new business from September 2008. The company went into the run-off mode and actively participated in checking the opportunities across a wide range of industries.
The company was primarily known as WMI Holdings Corp. and changed its name to WMIH Corp. in May 2015. The beginning of the company was in the year 1889 and had its legacy in reinsurance business with respect to mortgage insurance in the second mode. The company faced three and a half years of the bankruptcy proceeding and emerged from the situation on March 19, 2012, with a new board of management. It was the time when the company changed its name. At present, WM Mortgage Reinsurance Company, Inc. had the sole activity in reinsurance of mortgage insurance policies.
In late 2006, the company began to get in the recessional mode and came in the hands of Great Depression of 1929. The business strategies couldn’t proceed in the right way during these years and the disaster came in 2007 when the company had no option left. The housing rates were in the sky before the recession strike, the company used its assets and leverage to make loans in subprime credit cards and mortgages. The company would eventually leverage due to the increased number of ARMs (Adjustable Rate Mortgages).
With the slow-down of the US economy, the home load defaulter numbers began to escalate. The home prices fell off and most of the companies had to face bankruptcy condition. Even with the foreclosures and properties in the hands of the company, there were no sellers in the market and the revenue could not be covered in any way. Credit card division also faced a big surge in the late and non-payments being made. This was the toughest time for the company. Still, WMIH has regained its position in the market and tackled the tough phase of bankruptcy, which could have been a disaster for the company. Credit card division also got deterioration with the number of late fee and non-payment cases. On the whole, WMIH was able to face the situation with its strong management and the expert team.
The market capitalization of the company is $287.33 M. The company is regaining its position and has 52-week low and high values as $ 0.60- 1.61. The stock prices are booming and it is anticipated that the share will reach towards a higher level with the company’s success rate. In 2008, the CEO of the company Kerry Killinger was suspended by the company’s board. The company didn’t get a buyer and was seized by FDIC and then came the transitional phase. WMIH was bought by JP Morgan Chase in a secretive deal brokered by FDIC for 1.9 billion dollars. The shareholders have a positive hype about the company and it is expected to cross higher values with its sustaining business.