DISQUS

Jennson · 1 year ago

does this mean I don't have to pay my credit card bill to WaMu? hahahaha

Ami · 1 year ago

We have our home mortgage with WaMu. We have it at a very good rate for about 6 years now. We have never paid late or have had any issues regarding payments or mortgage terms. What happens to our mortgage in case the bank folds down? Do we lose the rate that we have? Is the mortgage or our home at risk ?
Any suggestions would help.

savvy · 1 year ago

Hmm, I have a business checking account with WaMu. Seems like it might be time for me to start looking for another bank...

Llama Money · 1 year ago

Amy: Your mortgage doesn't go away, nor do the terms change. It's doubtful that WAMU actually "owns" your mortgage anyway - they probably just service it. Another bank will purchase the rights to service your loan, and you will send your payments in to the new bank. Just a different name and address on your mortgage checks - no worries at all.

CJ · 1 year ago

I say, let them fail. Banks need to learn to not write bad loans. People need to learn not to take on more debt than they can handle. Let em all burn!

OK, so maybe not that extreme, but seriously, if people just worked to pay cash for everything rather than using "someone else's money" then we wouldn't be having this problem. But we're too greedy and it's biting us in the foot.

Jm · 1 year ago

Wow what pessimism wamu has done nothing wrong this week other than firing a ceo and they act like its the end...oh well

purpelnoon · 1 year ago

I just opened a CD two weeks ago with WAMU. They offered 5% Yield, much higher than any bank around. I figured its FDIC insured so I will take the risk to get the higher payout. The term is for one year. I do hope I made the right decision and that this doesn't become a nightmare for me.

Donna · 1 year ago

This is simply terrifying to contemplate, but I find there is some food for thought in one aspect of all of this: the size of WaMu and the capability of the FDIC. The FDIC was established at a time when there were regulations about how large one bank could get. Those restrictions were eliminated in the '80's and '90's, but I don't think any changes were made with the FDIC to be able to handle supersized banks. (I could be wrong.) This bank is so large, we're facing bringing our currency to the brink of destruction to be able to guarantee deposits. Am I the only one who is shaking in my shoes at this prospect? Were the banking regulations put into place during the Great Depression that we got rid of in the last 20 years wiser than we ever realized? I'm not an economic historian, but I've got a bad feeling that we set ourselves up for this by forgetting lessons learned with the bank failures of the 1930's.

Julie · 1 year ago

With so many banks failing it makes me happy to be working for ShoreBank, one that has had a solid business plan for the last 35 years, and is doing well. I think part of the reason for our success is that solid business plan, we do things like help entrepreneurs invest in their local community and create economic incentives for environmental conscience:

kurt · 1 year ago

Yeah, I think WaMu is next, probably within the next week, we will here something, particularly since BofA just bought Merrill.