Biggest Bank Failure in American History!

[lcummins]

Washington Mutual (WaMu) failed and the Government seized it's assets which will be sold to JPMorgan Chase. It is the single biggest bank failure in American history, with assets valued at $1.9 Billion!

 

[occulum]

thats the card I charge all my SS stuff too ..

 

[lcummins]

thats the card I charge all my SS stuff too ..

Well, the good news for you is that they said it will be transparent to bank customers and branches will open on Friday as usual.

 

[The Josh]

Glad to see the economy is doing ok.

 

[Darth Loki]

What the hell is going on in this country???

I'm fortunate that my company is going really strong and this place would fall apart without me so my job is safe for now but I'd think we'd have to feel it soon. It's making me reevaluate all my money spending priorities (which is really only statues).

 

[BadMoon]

This thread is destined for failure.

 

[pixletwin]

Calvin Coolidge > George Bush

 

[Chimera 1]

What the hell is going on in this country???

I'm fortunate that my company is going really strong and this place would fall apart without me so my job is safe for now but I'd think we'd have to feel it soon. It's making me reevaluate all my money spending priorities (which is really only statues).

That is why I have an off shore account. We deposit money in that account so we will always have a nest egg untouched if things here fail. We just started it so there isn't much in it but the rate things are going we made the right decision.

 

[ProgMatinee]

Banks were greedy. They tried to get anyone and everyone into homes.

Unfortunately in this country not every person is responsible enough to only buy homes they could afford. Also, individual home buyers were idiots and greedy when instead of locking into record low rates they got even greedier and rolled the dice with ridiculous 2% interest only or 4% adjustables. When I bought during the record low rates I got myself a locked in 6% with a 2 year buydown at 4%,5% respectively.

 

[Vader AL]

Banks were greedy. They tried to get anyone and everyone into homes.

Unfortunately in this country not every person is responsible enough to only buy homes they could afford. Also, individual home buyers were idiots and greedy when instead of locking into record low rates they got even greedier and rolled the dice with ridiculous 2% interest only or 4% adjustables. When I bought during the record low rates I got myself a locked in 6% with a 2 year buydown at 4%,5% respectively.

you're right. between this and the dotcom fiasco during Clinton's term you'd think the gov't would tighten down on companies so that their greed doesn't hurt the rest of us.

 

[wofford29]

Interest only loans can be much more beneficial to a home owner if they're responsible. Unfortunately 95% of people that are in them got them for the lower payment, which isn't bad if you were going to sell your house in under 5 years, but as everyone knows, life happens and it doesn't always work out that way.

 

[ProgMatinee]

Interest only loans can be much more beneficial to a home owner if they're responsible. Unfortunately 95% of people that are in them got them for the lower payment, which isn't bad if you were going to sell your house in under 5 years, but as everyone knows, life happens and it doesn't always work out that way.

Thats on the premis that the home would go up in value in 5 years. People were retarded in assuming that they would. Lenders were probably not stressing the risk either. Greed on both sides.

Frankly, I think lenders that misled people should rot in jail and I hope buyers that took the risk regardless of whether they knew the consequences or not suffer the consequences for 20+ years as rent payers to scumbag landlords because they can't qualify as borrowers ever again.

Both groups sabotaged the whole market.

 

[Jen]

This caught me by surprise this morning. WaMu is based in Seattle. I don't bank with them, but it does have me worried. I must admit I've been a bit naive thinking that things would right themselves - and perhaps eventually they will. My spending has slowed down a bit, been paying off my debt, have a nice 401K that fortunately hasn't taken a hit yet, but I'm starting to feel that this is not enough. Unfortunately, I don't make enough to do more unless I decide to start selling off things and quit buying items that are not a necessity. Already food prices have increased so much in our area - it's very worrisome thinking what dark days may lie ahead.

 

[DarkArtist81]

Same here.... food and gas are becoming such a financial drain, as well as energy costs.. that much of what used to be my spending money.. now goes to bills. It's very scary how fast things are deteriorating, really has me worried. The worst part is, when my Wife gets nervous and needs for someone to remind her that things are ok... I have a hard time attempting to do that. It really might NOT end up being ok...

 

[wofford29]

Thats on the premis that the home would go up in value in 5 years. People were retarded in assuming that they would. Lenders were probably not stressing the risk either. Greed on both sides.

Frankly, I think lenders that misled people should rot in jail and I hope buyers that took the risk regardless of whether they knew the consequences or not suffer the consequences for 20+ years as rent payers to scumbag landlords because they can't qualify as borrowers ever again.

Both groups sabotaged the whole market.

Not neccessarily. It puts you in the drivers seat of paying off your mortgage. You know exactly what you can pay each month, what your payment will go down to if you add x amount of dollars, etc. You've just got to be very involved with it. You can lower your monthly payment everyone month if you're smart. If you get one rate on a 30 year fixed and qualify vs. the same rate or lower on an interest only and make the same payment you would have on the 30 year fixed, you'd pay your mortgage off in half the time. The problem is that people don't do that. All they see is lower payment and pay the minimum amount. No one could forsee house values actually dropping in some areas because it's such a rare occurence so that's one of those hindsight is 20/20 deals. Even then if you're involved with it you could make great strides on your principle balance.

 

[teemu]

Our fiat dollar money system will soon come to an end...all fiat (toilet) paper fails

 

[DarkArtist81]

Our fiat dollar money system will soon come to an end...all fiat (toilet) paper fails

Dude, don't start your crap again... put your straight jacket back on and go sit in the freakin corner.

 

[wofford29]

Our fiat dollar money system will soon come to an end...all fiat (toilet) paper fails

They can send all that fiat money to me for safe keeping if they'd like.

 

[Chimera 1]

Thats on the premis that the home would go up in value in 5 years. People were retarded in assuming that they would. Lenders were probably not stressing the risk either. Greed on both sides.

Frankly, I think lenders that misled people should rot in jail and I hope buyers that took the risk regardless of whether they knew the consequences or not suffer the consequences for 20+ years as rent payers to scumbag landlords because they can't qualify as borrowers ever again.

Both groups sabotaged the whole market.

Don't you think that is a little harsh on the borrowers? I mean not all buyers were well informed and the lenders weren't going to straighten them out. It is very easy to get swept up in the storm when trying to buy a house. I went through that and there were tons of offers out there and i almost chose the wrong one because they were all pushing the ARM's or an 80/20. Luckily we had a really good agent who told us to stay away from them so we got a 6% fixed rate.

 

[King Darkness]

Crazy

I dont like living in scary times.

I want to be 10 years old again, watching Transformers and playing with toys.......wait, I still do that

Seriously, all this reality crap sux. I want to be in a sheltered child like existence.