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My advice is to withdraw all funds from this bank. Sure your deposit is insured but if there is panic then why deal with throngs of people causing a melee at the branches and long lines to get your money... there are too many alternatives out there.
It's not a question of IF but WHEN WaMu will fail. Their base of Alt-A loans are humungous and losses in that segment are forecast to be enormous, it will take a miracle if WaMu survives that.
I never really trusted the FDIC... I don't trust a company that says they will protect everything but don't have the money to back it up... its absurd to think the FDIC has trillions of dollars in "reserve" to handle bank failures...
I've read that FDIC can handle ONE big bank failure and that's it.
So, it's the next one after WaMu that I'm worried about....I hope the hell it isn't Wachovia!
I used to bank at WaMu (I was with them for over 20 years) and left because of two cases of identity theft and the frustrations I went through dealing with their outsourced customer service phone support in the Philippines.
I thought I read somewhere that Wachovia laid off 600 people in their mortgage lending division. I don't think their retail banking operations were affected, though.
It might be a good idea to start looking for a local credit union you could join. They seem to be doing better than the big-name banks.
Credit unions are not the answer. Their problems are not being talked about (yet?).
No long ago I read an article about the "unbanked". You know...those low-income folks who use the check-cashing places to cash whatever checks they may get. Then they pay their utility bills at some store, and use cash or money orders for the rest. Real "low-finance".
I thought it was strange. Then I began to think about it more. These folks pay no bank fees. They DO pay check-cashing fees and money order fees, which are about the same, but never a NSF fee or overdraft fee. Their transactions are largely un-traceable. They have a freedom that I do not have.
It appears they are preparing (http://news.yahoo.com/s/nm/20080917/bs_nm/washingtonmutual_dc_1 - broken link) for its inevitable collapse.
I really don't see an end to the crisis until all these relatively unproductive people who got into inefficient housing are removed and put into productive jobs, whether it be making shoes and socks or building nuclear power plants, at least anything other than shuffling worthless mortgage paper among themselves.
Another question is what to do with all that housing stock.
I know that one trend among immigrants, legal or not, is to live 10-20 at a time in one, two, three bedroom units. With the income of at least half of them, even in modestly productive jobs, at least maybe they can pay property taxes and utilities.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,846,096 times
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Quote:
Originally Posted by bale002
It appears they are preparing (http://news.yahoo.com/s/nm/20080917/bs_nm/washingtonmutual_dc_1 - broken link) for its inevitable collapse.
I really don't see an end to the crisis until all these relatively unproductive people who got into inefficient housing are removed and put into productive jobs, whether it be making shoes and socks or building nuclear power plants, at least anything other than shuffling worthless mortgage paper among themselves.
Another question is what to do with all that housing stock.
I know that one trend among immigrants, legal or not, is to live 10-20 at a time in one, two, three bedroom units. With the income of at least half of them, even in modestly productive jobs, at least maybe they can pay property taxes and utilities.
I hearing about ppl to take their money out, but if the bank collapes I wonder about negative balances. I assume if it went under, no one is collecting those balances?
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Fed regulators seek buyer for WaMu
