Chase > WaMu

[jco1385 5,000+ posts]

washington mutual

It went bankrupt.

oh. well that sounds troublesome.

 

[chunky cumz 10+ year member]

Washington Mutual Inc

no completely different entities.

 

[Flipx99 5,000+ posts]

I wish the government would modify my loan terms to a lower interest rate...maybe I should quit paying my bills so I can get bailed out too.

You better believe I have thought about it...

Are we making another bubble or just allowing this one to continue....do you think we need some kind of correction market and housing wise? I get the feeling we can just keep postponing it but someday its going to have to happen.

Well, we do need a housing correction. The difference between housing corrections and stock corrections is that housing corrections affect Main Street, stock corrections affect Wall Street. As more and more people are investors (even indirectly through 401(k), pensions, and IRAs) become a part of Wall Street; their corrections effect Main Street.

I do not doubt. I think there is no motivation for prudent investment practices anymore. Too much money to be made. Its all political. I know there are economists that truly believe the country needs a recession in order to correct things. Unfortunately at this time (especially in an election year) absolutely no one wants to hear the word recession.

Nope, I have taken the "if you can't beat em, join em" approach.

 

[dynamcpunk 10+ year member]

Here is an artical about the housing market that I read 2 days ago. I don't think the bailout will help when it comes to the housing market. There's to many homes for sale right now and not a lot of banks that are giveing loan, with market being flooded with all these forclosed homes the market can't go up unitl all these homes are sold. Supply and demand, there is more supply then there is demand.

http://realestate.yahoo.com/promo/cant-anyone-afford-my-home.html;_ylc=X3oDMTFqb3E0dnNkBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNjYW50LWFmZm9yZA--

 

[chunky cumz 10+ year member]

You better believe I have thought about it...




Well, we do need a housing correction. The difference between housing corrections and stock corrections is that housing corrections affect Main Street, stock corrections affect Wall Street. As more and more people are investors (even indirectly through 401(k), pensions, and IRAs) become a part of Wall Street; their corrections effect Main Street.

Nope, I have taken the "if you can't beat em, join em" approach.

jump on the band waggon, economy isnt getting better fast. might as well get a lower payment for at least a little while.

 

[evildave101 10+ year member]

no completely different entities.

from yahoo:

one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

 

[duece212 5,000+ posts]

You better believe I have thought about it...

If it wasn't for credit reporting I'd think about it....well maybe I wouldn't. I know my luck to well, I make a couple late payments and my bank would be one of the un-salvagable ones and I'd lose my house //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[chunky cumz 10+ year member]

from yahoone of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

lol and the management knowldge there was eqivelant to PEE WEE's play house.

 

[evildave101 10+ year member]

lol and the management knowldge there was eqivelant to PEE WEE's play house.

fair enough, thats just what i read

 

[chunky cumz 10+ year member]

fair enough, thats just what i read

i know most of the previous wamu heads(that left about 1 year ago) they are complete cracks

 

[Rmsanger 10+ year member]

I openly welcome a recession and think it' s the best long-term situation that could happen to America. We need a huge reallocation of American resources and assets to compete with emerging markets over the next few decades.

 

[squeak9798 5,000+ posts]

lol we have alot of customers like that, and then about a week before we foreclose on them they start freaking out saying "are you really gonna foreclose on me! What about the bush initiative, what about the goverment and such".... a week later, they have no house any more.

You have the quickest foreclosure process and court system in the country.

The foreclosure process typically take 6 to 9 months in my area and most others.

Glad to see you were able to cut that down to a week //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

WaMu's failure from my understanding is that they were involved in a majority of the riskier mortgage products.....doesn't take a genius to figure out that putting someone in a house they can afford now but won't be able to afford in 3 - 7 years is a recipe for disaster. But lenders were focused on quick growth and borrowers are short sighted and ignorant.

 

[duece212 5,000+ posts]

I openly welcome a recession and think it' s the best long-term situation that could happen to America. We need a huge reallocation of American resources and assets to compete with emerging markets over the next few decades.

I think the bailout could just push out the inevitable...sometimes you have to take your medicine to get better //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[chunky cumz 10+ year member]

You have the quickest foreclosure process and court system in the country.
The foreclosure process typically take 6 to 9 months in my area and most others.

Glad to see you were able to cut that down to a week //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

WaMu's failure from my understanding is that they were involved in a majority of the riskier mortgage products.....doesn't take a genius to figure out that putting someone in a house they can afford now but won't be able to afford in 3 - 7 years is a recipe for disaster. But lenders were focused on quick growth and borrowers are short sighted and ignorant.

texas foreclosure process usually takes 30-45 days (black tuesday). we deal with f/c in all 50 states. somes states take forever and other dont take long at all. just depends

 

[chunky cumz 10+ year member]

p.s. wamu has been in some shyt for a long time, they were just highly conservative with their moves so they slowly began emptying out their bank accounts... Wamu also doesnt have a big company to back them such as morgan stanley, goldman sachs, jp morgan ect. so when shyt got tough they fell apart as expected