WaMu folds

[KevinmH9]

I've been trying to keep up with the business pages of the newspaper, CNN and such; but I'm worried that I won't be able to attain any college loans for school next year as a result of all this crap.

You do know the difference between Sallie Mae and Fannie Mae, correct?

Yes, I do. I'm just not sure if all of this will eventually backlash towards other areas of the economy.

 

[Steak Snabler]

Washington Mutual Inc. was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank, after which JPMorgan Chase & Co. Inc. came to its rescue by buying the thrift's banking assets.

Nope, yup and nope. You just owe somebody else now.

this is just not right. i mean, if i can't pay my mortgage, the bank forecloses, right? so if the bank giving me my mortgage is so effed up enough to go under, why shouldn't they have to eat my mortgage?

i mean, fair is fair. wamu bit off more than it could chew, which is what those who end up foreclosing have done, correct?

i'm just sayin'.... ::) ::) ::)

Yeah, but it would be the same thing as if you couldn't pay off your mortgage, so you got a friend or your folks or a rich uncle to pay it for you.

 

[slappy4428]

Guess I don't need to rush to send in any of the 30 credit-card apps Ive received from them in the last month...


But in a sense, the failure is partly because of credit cards.
If the CC lobby doesn't get the bankruptcy laws changed in their favor, people default on their cards, but keep their houses.
Now, bankruptcy doesn't clear the CC debt load, they have to pay that bill, something has to give and it;s the mortgage.
Housing goes in the tank and instead of losing 5K on a credit card, the bank loses 200k on a house. Everyone loses.

 

[dooley_womack1]

Credit card availability has been too loose for at least 20 years. The dirty secret of the economy

 

[slappy4428]

Agreed.. .but when forced with paying one or the other, they've now had the choice made for them and the loss turned out to be greater...

 

[dooley_womack1]

Great Depression II: Electric Boogaloo!

Great Depression II...There's No Stopping Us Now!

Great Depression II...This Time, It's For Real!

 

[BYH]

Great Depression II, soon to be followed by the knockoff Beat Wall Street.

 

[Bubbler]

There's nothing wrong with our economy that this video can't fix.

Get on your feet, America!

 

[Piotr Rasputin]

Great Depression II, soon to be followed by the knockoff Beat Wall Street.

Beat Wall Street, that's the king of the beat,
I see you rockin' those markets from across the street
Beat Wall Street is a leson too
Because you can't let Wall Street bet you

(scratch, scratch, mid-1980s hip-hop beats)

 

[Angola!]

Credit card availability has been too loose for at least 20 years. The dirty secret of the economy

I tried to up my limit by $1,300 the other day - and I have great credit from owning two homes - and they denied me. They told me no one is getting any credit right now.

I didn't really understand at the time, but I'm guessing things like WaMu going down is one of the reasons.

 

[NoOneLikesUs]

Great Depression II, soon to be followed by the knockoff Beat Wall Street.

Beat Wall Street, that's the king of the beat,
I see you rockin' those markets from across the street
Beat Wall Street is a leson too
Because you can't let Wall Street bet you

(scratch, scratch, mid-1980s hip-hop beats)

Jesus...I was listening to that on the commute home from work today.

Anyway DOW is down nearly 160 points in futures trading this morning.

 

[Piotr Rasputin]

Great Depression II, soon to be followed by the knockoff Beat Wall Street.

Beat Wall Street, that's the king of the beat,
I see you rockin' those markets from across the street
Beat Wall Street is a leson too
Because you can't let Wall Street bet you

(scratch, scratch, mid-1980s hip-hop beats)

Jesus...I was listening to that on the commute home from work today.

And yet you disparage Rush [/cross-threading]

 

[CM Punk]

My company uses JPMorgan for our 401(k) stuff. How ****ed am I?

 

[spaceman]

Whoo-hooo!

 

[CM Punk]

My company uses JPMorgan for our 401(k) stuff. How ****ed am I?

You're not ****ed because of JPMorgan. But you are ****ed because you work for Lee. :D

Tell me something I don't know.

 

[Pancamo]

My company uses JPMorgan for our 401(k) stuff. How ****ed am I?

You are not ****ed because JPMorgan is handling your 401k. Managing a fund is one thing. Where you have the money is another.

 

[nmmetsfan]

I've been trying to keep up with the business pages of the newspaper, CNN and such; but I'm worried that I won't be able to attain any college loans for school next year as a result of all this crap.

You do know the difference between Sallie Mae and Fannie Mae, correct?

I'd nail em both.

 

[poindexter]

Wait a minute, you are telling me the jackals from WaMu, the ones we discussed here:
http://www.sportsjournalists.com/forum/threads/53743/

failed?

You mean the company with the board of directors who wanted to exclude costs related to mortgage defaults and real estate foreclosures when determining executive compensation for 2008, *they* failed?

Ahhh, that is really too bad.

 

[slappy4428]

Wait a minute, you are telling me the jackals from WaMu, the ones we discussed here:
http://www.sportsjournalists.com/forum/threads/53743/

failed?

You mean the company with the board of directors who wanted to exclude costs related to mortgage defaults and real estate foreclosures when determining executive compensation for 2008, *they* failed?

Ahhh, that is really too bad.

Life's a beeyatch, you know?

 

[trifectarich]

I wish the WAMU annual meeting was next week; they'd need the Marines to stop investors from sending the place up in flames.




NEW YORK (CNNMoney.com) -- Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.