The acquisition of Washington Mutual by JPMorgan Chase and Wachovia by Citigroup, which is currently being challenged by Wells Fargo's attempting to buy Wachovia, have created mortgage and credit card powerhouses. As of today

Experts said that the acquisitions would not solve the problems with the underlying assets in Wachovia's and WaMu's portfolios. These deals were made to build the branch networks and commercial deposits of the acquiring institutions, and were entered into despite the bad mortgages on WaMu's and Wachovia's books.

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