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Thread: Wamu Bankrupt!!! Closing Doors!!!

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    God/dess Deogol's Avatar
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    Default Wamu Bankrupt!!! Closing Doors!!!

    Washington Mutual is closing it's doors by order of the FDIC.

    Deposits suppossedly being moved to JP Morgan.

    I hate to be an I told you so, but I told you so!

    Lotta "tin foil hat" predictions coming true here lately.

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    Banned Melonie's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    ^^^ this is another 'shotgun wedding' ... which is fortunate for the FDIC, given that their insurance fund is shrinking by the week. JP Morgan benefits of course since they can claim WaMu 'paper losses' against future JP Morgan profits to minimize their future tax liabilities.

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    Veteran Member sparkleeyz's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    ^^^What?! When is this happening? I have accounts with WAMU.
    "I Can Sell Raid To A Bug. i'm A Hustler I Can Sell Salt To A Slug" -Cassidy

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    Member ladyserenity5's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Umm!?! What does that mean for those who bank with WAMU? Like me??
    Some of the best moments in life are the ones you can't tell anyone about.



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  5. #5
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    I just read on another place that no one would buy them because of their shaky mortgages and they were waiting until the bail out which would take those off their hands and then they would be ok.

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    Banned Melonie's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    ^^^ yup, everybody that was potentially interested in acquiring WaMu's assets is now waiting patiently to see which way the bailout goes ...



    Also note from the news story that WaMu has $140 billion in FDIC insured accounts. Bad news is that the FDIC only has $45 billion or so remaining in its insurance fund after already making major payouts re IndyMac etc.

  7. #7
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    But once the Feds take those bad mortgages off their hands wont their books be much better and they wont have to sell?

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    Banned Melonie's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    ^^^ the problem actually involves potential legal restrictions on 'acquisitions' i.e. will Blackstone or JP Morgan or whoever be able to actually own / control WaMu if they buy them, or will the US gov't attach enough strings to the bailout money that any WaMu buyer wouldn't actually be able to control the company they would be buying due to an ongoing gov't presence in company management which is a condition of bailout money payments. Another unintended consequence of the bailout plan ...

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    Member ladyserenity5's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    I'm not sure I quite understand. And you don't have to explain if you don't want to. But it seems like they still have enough to cover their accounts they have with individual customers/consumers and their bank accounts. This is only affecting the mortgages and insurance accounts, right?

    Unless they are bought out....what happens then? To all of it? To all accounts (mortgage and personal) alike?
    Some of the best moments in life are the ones you can't tell anyone about.



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    God/dess Deogol's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    More info coming out...

    Equity holders in Wamu not getting anything - they are wiped out.

  11. #11
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Makes sense Mel. Im curious why the Feds wont take them over like they did that other bank that went under. I cant remember the name but they changed it to 'Federal XXXX' and reopened a couple days later?

    If no one wants the govt all in their sh*t by buying WaMu is that an option?

    ladyserenity - It really depends on how things work out. No one knows for sure and I know everyone says "dont freak - its FDIC insured" but that can take MONTHS to get - Id be pulling my money...

    Your mortgage will not disappear if you have one with them. You will just start writing your check to someone else.

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    God/dess Deogol's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by ladyserenity5 View Post
    I'm not sure I quite understand. And you don't have to explain if you don't want to. But it seems like they still have enough to cover their accounts they have with individual customers/consumers and their bank accounts. This is only affecting the mortgages and insurance accounts, right?

    Unless they are bought out....what happens then? To all of it? To all accounts (mortgage and personal) alike?
    Thats the problem - they DON'T have enough deposits to cover the bad mortgages and revolving credit they have out there. They gave away money in credit cards and mortgages and they didn't get it paid back.

    There is no chance of a buy out. The FDIC seized the bank.

  13. #13
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    So, what happens to my WaMu card? They gonna ratejack me then cut my credit limit everytime I make a payment until its at like $100?

    Oh wait. Theyre already doing that... nevermind...

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    God/dess britneyireland's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Your bank accounts are insured up to 100K, so unless you have more than 100K in one bank account...you will probably be issued a new JPMorgan debit card in the near future.
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by Deogol View Post
    More info coming out...

    Equity holders in Wamu not getting anything - they are wiped out.
    The Gov's philosophy is not to protect investors, just protect the market. Then the market generates the investors et al.
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Real facts minus sensationlism

    * Wamu is not closing. JP Morgan is taking over. Most of the branches will stay open. Due to the geographic concentrations of the branches, many will be saved
    * As of now, cost for FDIC is $0
    * If you have deposits, you can pretty much go to the same branch
    * If you have a credit card, it'll just acquire a Chase logo

    Business as usual

  17. #17
    Featured Member keira0304's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    i'm closing my acct tomorrow anyways and opening one with a credit union.
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    God/dess Deogol's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by xanfiles1 View Post
    Real facts minus sensationlism

    * Wamu is not closing. JP Morgan is taking over. Most of the branches will stay open. Due to the geographic concentrations of the branches, many will be saved
    * As of now, cost for FDIC is $0
    * If you have deposits, you can pretty much go to the same branch
    * If you have a credit card, it'll just acquire a Chase logo

    Business as usual
    LOL.

    Wamu IS closing. Wamu IS gone. That IS a fact. As well the other things people have written.

    Business as usual... riiiiiight. Must be why even after midnight there are legislators dealing with this mess.

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    Featured Member Vamp's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    "Instead, J.P. Morgan agreed to pay $1.9 billion to the government for WaMu's banking operations and will assume the loan portfolio of the thrift, which has $307 billion in assets. The full cost to J.P. Morgan will be much higher, because it plans to write down about $31 billion of the bad loans and raise $8 billion in new capital. All WaMu depositors will have access to their cash, but holders of more than $30 billion in debt and preferred stock will likely see little if any recovery."

    http://online.wsj.com/article/SB122238415586576687.html
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    Banned demonika's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    sucks! they have the best high yeild savings account.

    i think we will go with a foreign market for investments. crap, now i have to research more. thanks a lot money fairy. now, i have to tell my husband he was right, for once!

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    Featured Member keira0304's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    FUCK wamu. So THIS is the reason they keep "mysteriously" and coincidentally charging all my "pending" charges on sundays when I can't go to the bank and then giving me tons of overdraft fees for them. FUCK THAT.

    They did it this weekend, 120 worth of overdraft fees, I called my branch and asked to talk to the mgr, they said they'd call me back. STILL haven't. I'm calling again tomorrow and if they don't, I'm withdrawing all my funds and then paying my electric bill so it overdrafts equal to the value that they charged me for. FUCK THEM. If they're going under anyways, why not?
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    Banned Melonie's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    The Gov's philosophy is not to protect investors, just protect the market
    That's not exactly true. The uber-rich investors who hold WaMu bonds are likely to be covered by the JP Morgan takeover. However the individual WaMu stockholders (and mutual funds with WaMu shares in their portfolios) will essentially take a total loss.

  23. #23
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by keira0304 View Post
    FUCK wamu. So THIS is the reason they keep "mysteriously" and coincidentally charging all my "pending" charges on sundays when I can't go to the bank and then giving me tons of overdraft fees for them. FUCK THAT.

    They did it this weekend, 120 worth of overdraft fees, I called my branch and asked to talk to the mgr, they said they'd call me back. STILL haven't. I'm calling again tomorrow and if they don't, I'm withdrawing all my funds and then paying my electric bill so it overdrafts equal to the value that they charged me for. FUCK THEM. If they're going under anyways, why not?
    All banks do this. Any charges made Fri-Sun are pending until Monday - they usually show Monday as the date the transaction was made.

    Maybe you shouldnt be using your debit card with no money in your account to cover said changes and you wouldn't have to worry about it.

    If you overdraw your account you will still owe the money. Whomever buys the bank (JP Morgan) is who you will owe instead of WaMu. Not to mention what money are you withdrawing if theres no money in there?

    Ah man, this after reading that entire thread about the boyfriend.

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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Michele McPhee "Broke the news" last night on Boston's 96.9 WTKK. She called them her "Mortgage company from hell", which does not even beging to describe my dealings with them! All the CEOs made millions last year, and are going bankrupt this year - I don't know what pi$$es me off more - the fact that they are getting away with it, or that I didn't do it also... Here's what 'our CEOs' made last year:

    http://www.bizjournals.com/boston/st...=et54&ana=e_du

    Sorry, didn't mean to threadjack, but this really gets me going...

  25. #25
    Yekhefah
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by AudreyLeigh View Post
    Maybe you shouldnt be using your debit card with no money in your account to cover said changes and you wouldn't have to worry about it.

    If you overdraw your account you will still owe the money. Whomever buys the bank (JP Morgan) is who you will owe instead of WaMu. Not to mention what money are you withdrawing if theres no money in there?
    Word. If you're such a "top earner" and you make as much money as you say you do, there's no reason you should overdraft so often. Keep enough in your account to cover your purchases and you won't have to pay so many overdraft fees.

    But I suppose that might be a bit too much responsibility for you to handle.

    And BTW, if you're so concerned about your credit that you won't break a lease to get out of town and save your own life, then I have to remind you of that all these overdrafts and just leaving a negative bank balance unpaid won't be good for your credit either.

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