Whoo Hoo! My bank just failed!

[jtryka]

Yes, WaMu was seized this evening, though at least with JP Morgan Chase buying it there will be branches much closer to me now! I think my checks will still be good though...

[pendragon1998]

Get your beans, bullets, and bandaids in order.

[jtryka]

Somehow I feel if I just hadn't paid my visa bill this week, we could have avoided this!

[MunkyMan95]

[physics-fan3.14]

That sucks, although you have to admit it was expected. I am with Bank of America - if they go down, you know something really big has hit the fan. Here's hoping the transition goes smoothly!

[DC Dawg]

Yes, WaMu was seized this evening, though at least with JP Morgan Chase buying it there will be branches much closer to me now! I think my checks will still be good though...

Your checks are still good. WaMu was insured by the FDIC.

When the Fed seizes a bank, it allows customer transactions to continue. It might close the doors for a day to convert things, but the bank will function without problems. However, since JP Morgan Chase bought the banking assets, there should be no issues.

 

Scott

[just-john]

and this is all because 4%of home loans went bad ? Must mean 4% per year accumulated

over 25 years =100%

 

Now you watch all these banks will sell their bad loans to the Fed and keep the good loans

regroup and come out of this selling like a rose and we get the bill.

 

I feel that if a bank sells a loan to the Fed they should have to sell all that type of loan to the Fed . Not this pick and match

[gmarguli]

This sucks. Now I doubt they'll be paying the 3.5%-5% interest on saving accounts that they had been paying. That was some really good interest for an account where you had instant access to your money.

[Oldtrader3]

No Jeff your bank and mine (I have an account there also) just became J.P. Morgan-Chase. Our checking accounts continue unabated and are accessible. Your CD's are solvent. Scratch one more problem off the list.

[World Colonial]

This sucks. Now I doubt they'll be paying the 3.5%-5% interest on saving accounts that they had been paying. That was some really good interest for an account where you had instant access to your money.

 

What you just described is an an example of the absurd outcomes from blatantly stupid government policies. WAMU has been a walking corpse for months, despite the management lying that they are "adequately" capitalized. And their liquidity was pathetic too. They went under with just a paltry 5% of their depositors requesting their money.

 

Givent their weak financial condition, there is no way anyone would have lent them money at those rates except for the FDIC moral hazrd.

[just-john]

Makes you wonder who running these places At WaMu, we want more than just employees. We're looking for partners to help us provide the value and service our customers, employees and shareholders have come to expect.

 

Think WaMu might be right for you? Then have a look at our job opportunities and discover what sets us apart from other financial institutions.

[pendragon1998]

I read once that whenever you see someone from the government come out and start assuring everyone that everything is absolutely fine, no reason to panic, then that means it's time to get out of Dodge before the mess hits the fan. I'm pretty sure the same idea applies to banks.