JPMorgan Chase jumps in to buy $1.9 billion in assets from the government. The bank's failure is the worst in US history and the 13th such failure this year.
The Office of Thrift Supervision said on its Web site: "With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business." San Diego California home listings
As a WaMu customer, I had just received a mailing from WaMu the day before this was announced.It’s rather unsettling to receive such a mailing, only to find that the next day they are out of business. Will my credit card that has Wamu’s name on it still be honored?
Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
Joe
Oakland Lawyer
This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
San Diego Real Estate Specialist