WaMu CEO Forced Out

Kerry Killinger is being ousted as chief executive of Washington Mutual, according to WSJ.

Succeeding  Killinger will be Alan Fishman, currently chairman of New York commercial mortgage broker Meridian Capital Group.

WaMu's shares have fallen about 85% in the past year. It has large holdings of mortgages made in regions where house prices have fallen sharply. More than $50 billion of its holdings are option adjustable-rate mortgages.