WaMu is under strict watch for bankruptcy by Feds

WaMu just ousted their CEO, but what I find troubling is that they buried the lead story deep in their press release: They are now under OTS (Office of Thrift Supervision) watch. Translation: they may go bankrupt.

With $300 billion in assets, there's no way the government will let them fail. The bailouts are going to keep coming.

http://www.creditwritedowns.com/2008/09/wamu-on-brink-of-disaster-has-agreement.html

My son had a wamu credit card with a fifty dollar minimum payment, he missed ONE payment after perfect history and when he was three days late the fuckers started calling my house four to five times a day and I have cancer!

I hope they go down in FLAMES

That's the kind of treatment I'd expect from Bank of Unamerican. They took over MBNA and I instantly noticed a deterioration in the quality of customer service. I wish you well with cancer. I have had family members struggle with that recently and I can't express in words what it has meant to try and support them through it. I hope you are being supported too.

Well wishes.

Edward

that this was MY house and MY phone and not to call ten times a day. He had the nerve to tell me he that he owes a debt and he'll call as much as he needs to. I told him to fuck off and hung up and now I don't answer.

Under the Federal "Fair Debt Collection Act" any one creditor can only call you once a week and once you inform them in writing (Through I have had some luck with just telling them on the phone) NOT to contact you "except by legal service" i.e actually file a lawsuit, they MUST STOP calling you. Enforcement of the act is generally done by State Attorney General OR by private lawsuits (Most often as a counteraction in any lawsuit brought against a debtor). PLEASE NOTE YOU LIVE IN GEORGIA, which is one of only three states where consumer protection laws are NOT enforced by your state's Attorney General. Instead your state enforces Consumer protection under the Office of the Governor (The web site is below for the Georgia Bureau of Consumer Protection).

My experience is that if a Debt Collector is violating the Debt Collection Act the Debt Collector has no intention of ever filing a lawsuit. Instead they will harass you tell you pay OR the Attorney General get after them. So I advise my clients to contact their State Attorney General (or in your case your Bureau of Consumer Affairs which in Georgia is NOT under the Attorney General Office but is under the Governor) about this creditor.

Georgia's Attorney General:
http://law.ga.gov/02/ago/home/0,2705,87670814,00.html

At that web site the Web Site notes that Georgia is one of three states that do NOT enforce consumer protection laws. Such enforcement is done by the Governor through his office of Consumer protection:
http://consumer.georgia.gov/02/oca/home/0,2471,5426814,00.html;jsessionid=6D7DD9C28D00FDD37389D5CAEB5CE9ED

Georgia's Consumer Complaint Form:
http://consumer.georgia.gov/vgn/images/portal/cit_1210/35/26/117138786Complaintform.pdf

saying that if I'm late with ONE payment my interest rate goes up to 29.99%!!! I'm now at 9.99% and MAKE SURE I'm NEVER late! Don't have a high balance, but do have a balance that I once paid off monthly, but now am unable to do so!!

Will WaMu affect credit card holders???

maybe because it was a Seattle-based bank?

EDIT: I noticed I used "was" like they've already bellied up.

When they were local, they were my bank and I LOVED them.

won't love them long.

I'm getting kinda nervous here!!!

Back during the S&L crisis, a local bank here went out of business. Ben Franklin Savings & Loan. I didn't pay too much attention, but I later learned that an acquaintance had his mortgage with them -- about 80,000. What happened? The bank's assets were sold at an auction. This guy was pretty savvy and bid on his own mortgage. He won the bid and bought it for 60,000. (Numbers are approximate, just to the best of my recollection.) Now, he had to pay that 60 grand to the auction company immediately, but it immediately wiped out 20,000 dollars of debt.

My main home equity line of credit is with Wamu, and I have another home equity LOC with my credit union. I am SALIVATING over the possibility that Wamu will go under and put its assets up for auction -- I could easily bid on my main LOC by drawing against my secondary LOC.

I have no idea what they're doing these days, if they're putting mortgage assets on sale like they used to. But keep your eyes open, and make a list of any friends -- or friends of friends -- you could borrow a lot of money from until you get another mortgage. Open an account at another bank -- or better yet, a credit union -- and enlist them if need be, to make a loan so you can bid on your own mortgage. Good luck.

Aw nuts.

No belts or shoe-laces for you!

more credit!!

An 8 minute survey asking about our general satisfaction with WaMu as the holder of our mortgage. I wondered what prompted such a call. Did anyone else with a WaMu mortgage get one?