Bye Bye WAMU
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| Thu, 09-25-2008 - 11:40pm |
As of tonight for those who do not watch the news much Wamu is no more. I do not understand who bought who out first FDIC either came in and appointed Morgan to buy all of WaMu At first there was just talk that they were only going to take the branches and the deposits but just a few minutes ago they came on TV and said that Morgan was also forced to take all the bad debts too. Which there are a ton.
So the investors will get nothing and neither will the people that WaMu owes money too but the depositors are just fine. They are even going to be covered for more then the 100,000 limit because of the buyout.
I have a WaMu charge card and I just got an email that reads I think this is funny since the company is pretty much bankrupt
"With kids back in school and a nip in the air, we’re suddenly reminded that the holidays are just around the corner.
Even if you’re not ready to hit the stores, you can cut down on holiday stress by saving a little extra cash today. With Online Savings at an amazing 4.00% APY and great rates on Money Market accounts, we have plenty of ways to kick your holiday savings into gear.
Learn more about your options and these great rates for saving for the holidays"
So I guess Chase is already starting to make back some money.
I do not owe WaMu or had my home financed through them but I would be very careful if you do have a low rate Make sure all your payments are in plenty of time to make your due dates because I have a feeling for Chase to make up for all the bad paper they had to take with the good money Games are going to be played.
Good luck to us all
Mary Ann


I heard about WAMU tonight.
The news has been focused on the economic bailout, but in the last week the potential failure of WAMU has been mentioned several times, so the writing was on the wall so to speak.
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I honestly don't think this is that big of a deal, these consumer bank failures happened a lot in the past and as long as someone buys it (and here, JPMorgan did) it doesn't affect the consumer at all. In the 90s they had like 3,000 smallish regional banks fail; mine was one of them. One day, I just got a different card in the mail and that was that. In fact, I never use that account really and didn't order new checks, and when I do write checks from there, I still send them the old ones and they still honor them (and this was like 10 years ago almost that it switched).
It is a larger bank, so that's partly why it's making headlines(since it's a national bank and not regional like the others), but mostly, it's just because of the context that we're in right now, so people get the sense that it's just one more drop in the bucket.
But seriously, obviously it pays to make sure you're making your payments on time and etc. but as an average consumer, this won't affect you in any way. xExcept when you renew your card, it might say Chase on them (since that's JP Morgan's commercial bank) or JP Morgan instead of WaMu.