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Old 09-26-2008, 01:52 PM   #1
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Washington Mutual Collapses?

So, I just woke up to a note left by my mother. "Washington Mutual has been seized by the FDIC and is being taken over by Chase."

What the hell?

Sorry if there's already a thread about this, but I just woke up (and my first thought, of course, was to come here).
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Old 09-26-2008, 02:07 PM   #2
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Your family leaves weird notes.
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Old 09-26-2008, 02:25 PM   #3
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Your family leaves weird notes.
HAHA my thoughts exactly. Is youre mother Katie Couric?
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Old 09-26-2008, 03:22 PM   #4
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So, I just woke up to a note left by my mother. "Washington Mutual has been seized by the FDIC and is being taken over by Chase."

What the hell?

They have been in real bad shape for some time now.

They have boat loads of sub-prime loans.



They are the largest Bank in America.

Quote:
Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse those of Continental Illinois National Bank, which failed in 1984 with $40 billion in assets; adjusted for 2008 dollars, its assets totaled $67.7 billion. IndyMac, seized in July, had $32 billion in assets.

One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation's most momentous financial crisis since the Great Depression.
http://news.yahoo.com/s/ap/20080926/...Taicq5Vh6s0NUE

I have several friends that work for them.


Country Wide branches are still open.

Indy Mac Bank branches are still open

I expect most of Wa Mu branches to stay open.


I have accounts at all three of these institutions.
My other 2 accounts are at very solvent banks.

I do have a large line of credit at Wa Mu.
That may be affected.


The FDIC insurance remains for six months on accounts that are taken over by a bank where you already have an account. Then falls back down to the 100 K limit.

So some people will have the inconvenience of finding new institutions to have their deposits fully insured.
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Old 09-26-2008, 03:33 PM   #5
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I think it was mentioned last night in the general campaign thread. And maybe a mention in the bailout thread. They're all kind of bleeding together these days.
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Old 09-27-2008, 10:00 PM   #6
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I do have a large line of credit at Wa Mu.
That may be affected.
Maybe

You won't have to repay it.
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Old 09-28-2008, 02:42 PM   #7
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they sent me my new debit card and colapsed the next day. not a good sign.
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Old 09-28-2008, 05:19 PM   #8
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JP Morgan got it at a fire sale price, your money is safe.
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