Wamu WKN 893906 News !

Note Trust on Watch Positive

Fitch Ratings has placed 14 classes of notes issued out of the Washington Mutual Master Note Trust totaling $6.8 billion on Rating Watch Positive. These notes are now entirely backed by credit card receivables originated by Chase Bank USA, N.A. (Chase).

On May 19, Chase removed all Washington Mutual-originated credit card accounts and receivables from the Washington Mutual Master Trust. Prior to the removal, a significant number of accounts belonged to those originated by Washington Mutual Bank. Following the removal, the trust is comprised entirely of receivables originated by Chase, which have different performance metrics than the legacy Washington Mutual receivables; specifically, chargeoffs are significantly lower and the monthly payment rate (MPR) is higher than the pre-removal performance.

The following classes of Washington Mutual Master Note Trust were placed on Rating Watch Positive:

--$750,000,000 Class 2006-A2: 'AA-';

--$1,250,000,000 Class 2006-A3: 'AA-';

--$500,000,000 Class 2006-A4: 'AA-';

--$1,100,000,000 Class 2007-A1: 'AA-';

--$875,000,000 Class 2007-A2 'AA-';

--$425,000,000 Class 2007-A4 'AA-';

--$200,000,000 Class 2007-A5 'AA-';

--$300,000,000 Class 2006-M1 'A-';

--$150,000,000 Class 2007-B1 'BBB';

--$200,000,000 Class 2006-C1 'BB+';

--$150,000,000 Class 2006-C2 'BB+';

--$200,000,000 Class 2006-C3 'BB+';

--$125,000,000 Class 2007-C1 'BB+';

--$606,000,000 Class 2005-D2 'B-'.

Washington Mutual Inc. Shareholder Requests Equity Committee in Chapter 11 Bankruptcy Case
DALLAS, June 1, 2009 /PRNewswire via COMTEX/ -- Michael Rozenfeld, a Washington
Mutual Inc. stockholder has requested that the Department of Justice revisit a
previous request for an Equity Committee in the Chapter 11 Bankruptcy case of
Washington Mutual Inc. Michael previously filed a request for an Equity
Committee November 10, 2008, shortly after the seizure of Washington Mutual Bank
and numerous subsidiaries. That request was denied on January 9, 2009, after a
brief investigation and review by Joseph J. McMahon Jr., Department of Justice.
The primary reason it appears to have been denied was that anticipated lawsuits
had not been filed yet, and the WMI assets were less than their liabilities. Mr.
McMahon stated at that time, that the request for an Equity Committee could be
revisited at some future point.

In the November request, Michael had conjectured that lawsuits would be filed
against the FDIC and JPMorgan. Those lawsuits have since been filed, but there
is no resolution of them as yet. Shareholders are very positive about a
favorable resolution of those suits but are concerned there may not be enough
time to organize an official Equity Committee to protect the shareholders when
resolution is reached. WMI appears to be in negotiations regarding this, based
on a review of the attorney bills on file in the Bankruptcy Court in Delaware.
Judge Mary Walrath is presiding over that case.

Michael is a member of the Washington Mutual Equity Group, which could be
considered an ad hoc Equity Committee. It currently consists of approximately