WAMU in the Take over Next – Be Prepared

If you have a savings or checking account with WAMU, you might want to check this out.

http://money.cnn.com/2008/09/25/news/companies/wamu/?postversion=2008092512

http://www.nytimes.com/2008/09/25/business/25wamu.html?em

This is all very worrisome. Our mortgage is with WAMU, but I am under the assumption real estate mortgages are not affected by this crashing of our economy. But if you have a liquid account….

An excerpt from an email I just rec’d:

It looks like Washington Mutual will be going down soon, I heard that the employees have already closed their accounts there and I know one restaurant owner who told me he went to cash a $2,500 check and they told him they didn’t have enough cash to cover it, they would have to order the cash. They ended up giving him $1,600 in cash and the rest in a cashiers check.

Take heed. Not to set panic, just to forwarn to take precautionary measures.

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Response rec’d from friend:

Folks,

Your money is insured up to $100,000 by the FED if WAMU or any bank you’re with goes down. It’s all the withdrawals of money that people do out of fear that is causing the bank to lose even more money and collapse faster. And yes, I do have a WAMU acct., I’m not just saying that.

But…please do what you feel is best for you. This is an “every man for himself situation” and I don’t know how long it takes for the FED insured process to get you your money back- after all, the bills don’t stop if your acct. is in limbo. I can’t speak to how the mortgage works- some other institution would probably just take it over, so you would just be paying it to a different company.

GOOD LUCK TO ALL!!!!!!!

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