Discussion in 'The Watercooler' started by Shari, Sep 26, 2008.
I just heard about the WaMu failure and buyout.
This is really getting scarey.
USA Today (on line) said the gov't was bailing them out
PNR (on line) said they were being bought by someone else.
Yes this is scarey as all get out.
I heard that FDIC was taking over WAMU.
I am very nervous. I don't bank with them, but still.
We have had two big car dealerships close their doors here this week.
Things are so tight as it is, I don't know how it can possibly get any tighter. I have been trying to pay some every month on the load of doctor bills that I have, stuff either not covered by insurance or copays of hospital or emergency room bills. I am not going to be able to, which means all the nasty phone calls and such. With difficult child coming home, my grocery bill is going to definitely increase. difficult child is going to need clothes too for school because he has lost weight and grown and I think he probably has maybe 1 pair of jeans that fit.
The FDIC did take over WaMu, but then brokered some kind of deal and JP Morgan Chase is buying WaMu. There was concern that WaMu would wipe out the FDIC fund. Scary, huh? WaMu customers should feel no transitional pains.
However, WaMu's failure is the largest bank failure in history.
I'm going to have to stock up on Xanax if I keep reading the news.
Butterflydreams - check out consignment shops and Goodwill. I used to be a snob and would never set foot inside of Goodwill. I've gotten over that and if you take the time to look, I found clothes with tags still on them and bought them for $2.50 each. Or maybe just go there for play clothes so he doesn't ruin his good, school jeans and you don't have to buy so many throughout the year. Boys are hard on clothes.
FDIC seized WaMu yesterday then sold it to JP Morgan. Investors in WaMu I believe get nothing but people with accounts are fine. Sounds like WaMu's practice of offering adjustable rate mortgages, including some with deferred interest, is what really did them in and that started blowing up on them several months ago.
I read one article that pointed out that actually this was comparatively a positive event because JPMorgan just saved the FDIC from dipping into its insurance fund.
Maybe it's because I'm a negative Nellie, but I've never understood the attraction of ARMs. There's no such thing as 100% job security, much less an assurance that one would be making more $$ in future years to cover the increase in mortgage. I'd be an absolute wreck worrying about how to cover the mortgage as it increased. I understand that this is the only way some folks can get into a home right *now* but it just would seem to be safer to hold off on buying until one could afford a downpayment and qualify for a fixed rate loan. But... that's just me, the worry wart.
What I never understood and will never understand was the interest only loans. Ummm...isnt that called rent?
Gosh. Maybe they'll stop calling me to collect a debt. It will take them a good year to figure our I OWE them money, then another year to find me. I'm in the good.
Seriously, I'm sorry if this is affecting anyone. I just have no investments so it's a blip on the screen to me. I do have an account with Chase, but haven't heard anything from them.
does this mean my WAMU cc balance goes away too???
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