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WAMU FLUNKS HISTORY

Just heard the breaking news about Washington Mutual officially credited as the biggest bank failure in the history of our country (that's 231 years of dollars and sense accounted for). Washington Mutual, considered the largest savings bank in America, has been seized by Federal Regulations, with "insuffieient liquidity" determined as cause of pending extinction. Press reports are saying that J.P. Morgan Chase, Citigroup and Wells Fargo could be preparing to breathe new life into the left-standing assets and buy them up. But... who is next?! Will this spiraling ever begin spinning back to help with home loans? We need a message of hope here. Can anyone see a light at the end of the tunnel yet?

Posted by Mara Hawks, REALTOR®, Homes For Sale in Auburn-Opelika, Alabama, AU, Lee County on 09/25/2008 10:31 PM

Comments (13)

WAMU Flunks in the Mortgage / Finance Channel

mortgage, banking, homes for sale, auburn, al

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13 Comments on WAMU FLUNKS HISTORY

Mara, it does have that feeling with the banks of the Great Depression doesn't it? Either that or our economy is turning to socialism at least in the financial sector.

09/25/2008 10:58 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Mara that tunnel is long and dark right now. Kind of like when you were a kid and stepped into the "fun house" at the local carnival.

09/26/2008 06:51 AM

by Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty)

Mara, I am hoping in the spring.....I believe it's going to be a very difficult winter for many of us.

09/26/2008 07:16 PM

by Carole Provenzale Owner, Feng Shui Long Island & New York (Feng Shui Long Island & New York City)

Do we want to see the light at the end of the tunnel? I'd rather not go toward the light just yet. :-)

09/27/2008 04:44 PM

by Chuck Willman, Arizona East Valley Realtor® (Gentry Realty)

I worked for Long Beach Mortgage, the subprime arm of WAMU for a short time. I'm suprised, given the risk Long Beach put on their balance sheet, they weren't gone a year ago!

09/27/2008 08:48 PM

by Matthew Kelly (Self Employed Mortgage Technology Consultant)

I have no reason or support for this thought. But somehow, someway, after the election is decided, the holidays are behind us, and winter has passed, I am hopeful for good things in Spring of 2009!

09/28/2008 03:55 PM

by Weichert, Realtors - Watson & Associates

Personally I would say Wachovia is next. My guess they will go to FDIC and then Wells will buy them.

09/28/2008 04:46 PM

by Nancy Larson (M & T Bank)

I heard about Wachovia this morning. They are predicting a problem

BTW Happy Birthday Mara!

09/29/2008 07:37 AM

by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions)

Did you see the letter that the CEO sent this month? He assured investors that they were in very good shape.

09/30/2008 06:53 PM

by Chuck Willman, Arizona East Valley Realtor® (Gentry Realty)

Mara- Well as we all know it is Wacovia.

09/30/2008 09:09 PM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

Exellent writing. You have a flair with words. Call me when you get a chance. 916-532-7653.

Rob

10/01/2008 02:20 PM

by Rob Saxe

It is indeed a suspenseful movie we are living in these days, I expect to continue moving forward, and reaching the happy ending. Hopefully it's not one of those dreadfully long movies.......

10/09/2008 09:45 PM

by Rebecca K.

One of the better stories about WAMU is that they had other banks willing and able to buy them.

10/18/2008 03:23 PM

by Chuck Willman, Arizona East Valley Realtor® (Gentry Realty)