8.1 Van
Millstone NJ
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Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in the largest bank failure in American history.
Government Seizes WaMu and Sells Some Assets
Looks like a domino effect now.
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Dick A
Spokane
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The Fed's grabbing and selling WAMU in stealth darkness without even notifying their board is just more evidence the financial moonscape to come.
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lwmuddy
Murrells Inlet, SC
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Now, if they could only seize the assets of the CEO's that sold they're own companies down the river.
I consider this still as an act of terrorism and should be handled by the appropriate Government Dept that oversees these acts.
The foxes are running the hen house while the Rooster is working for the foxes and it's not for chicken feed either.
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8.1 Van
Millstone NJ
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Quote:The escalating crisis in the global financial system has claimed its biggest victim yet with the collapse last night of the US savings and loan group, Washington Mutual.
In America's largest-ever banking failure, Federal regulators seized the group's assets in the early hours of this morning and sold them to JP Morgan Chase for $1.9bn (£1.03bn).
Founded in Seattle in 1889 and known as WaMu, the group is the nation's biggest savings and loans company - the US equivalent to a British building society. The deal will make JP Morgan the largest bank in the US, ahead of Bank of America.
America's largest banking failure sees JP Morgan pick up Washington Mutual
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Tulirose
Long Island, New York
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Our banker had told us about two months ago that Chase was going to buy WaMu
but this is not quite the way I expected it to go. 
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ladymc53
Canyon Lake, Texas
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I have a question...we're leaving to return to Arkansas tomorrow morning and were planning on leaving the 5'er in Texas and return in about a week - we're staionary in Texas now and have established residency here. However, with all this financial stuff going on, I'm thinking we might want to take the 5'er back with us cause we may not be able to return if the financial crisis gets so bad that we can't access our money. Whatcha think? I've got today to decide.
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Liriope
Sun City AZ 85351
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If you think all banking stocks are going down the drain, you are wrong. The strong will get stronger because there will be less competition. Wells Fargo stocks is much higher today than 90 days ago. I know, I sold mine at $27 a share about 90 days ago, it went as low as $20 and now trades close to $35. The really good stocks, including bank stocks, will come out of this stronger.
Liriope
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8.1 Van
Millstone NJ
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"Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."
Predatory Lenders' Partner in Crime was written February 14, 2008 in the Washington Post !
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Benntexas
Texas
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ladymc53 wrote:I have a question...we're leaving to return to Arkansas tomorrow morning and were planning on leaving the 5'er in Texas and return in about a week - we're staionary in Texas now and have established residency here. However, with all this financial stuff going on, I'm thinking we might want to take the 5'er back with us cause we may not be able to return if the financial crisis gets so bad that we can't access our money. Whatcha think? I've got today to decide.
Tough call and I am afraid only you can make that decision.
I am bias of course since I live in Texas, but I am not leaving here. I put off several projects for now, camper shopping, cruise planning, another major remodel ( kitchen and washroom) . Right now I am putting my cash reserves where I can access them and I know where my gold is stashed.
personally I fell like we are not hearing the whole story yet.. but feel like in say a week, we should have a better idea. What is it in
Arkansas that requires your attention that you can't do on the phone or some other way?
Do you have a good place for your 5'er? if not drop me a message, may have an cheap, safe offer for you.
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jcapps
Not a senior just a
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Joined: 08/18/2004
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Dick A wrote:The Fed's grabbing and selling WAMU in stealth darkness without even notifying their board is just more evidence the financial moonscape to come. No kidding, this is just the start. A bailout will basically accomplish nothing. There are thousands of foreclosures to come.
This is the second bamk of mine that has been seized in 3 months! As long as I am insured all is ok..................................till the FDIC runs out of money
"The great challenge of adulthood is holding on to your idealism after you lose your innocence."
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