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Reply #23: From what I've read, it's the mortgage side of the company that brought it down - [View All]

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haele Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:48 PM
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23. From what I've read, it's the mortgage side of the company that brought it down -
The commercial side was still pretty solvent and might be what will allow them to get a "buyer" for the merger they're looking for.
But it was mainly the mortgages - as usual, poor quality mortgages approved way too quickly with not enough "insurance" built in for those locations that were going through a difficult economy and turning a blind eye to flippers - all around poor management there - that brought this thrift down.

What is it about Republicans and "Savings and Loan/Thrift" type organizations that makes such a toxic economic package? WaMu was considered a "Savings and Thrift" corporation, not a bank proper.

Haele
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  -WAMU putting itself up for auction, per CNBC nadinbrzezinski  Sep-17-08 03:31 PM   #0 
  - Everyone knew this was coming.  Bleachers7   Sep-17-08 03:32 PM   #1 
  - Look I knew the whole meltdown was coming  nadinbrzezinski   Sep-17-08 03:33 PM   #3 
  - and they hold 19 billion in bad mortgages.  chimpsrsmarter   Sep-17-08 03:32 PM   #2 
  - Yeah... I will miss the commercials  nadinbrzezinski   Sep-17-08 03:33 PM   #5 
  - This would break the FDIC. N/T  slewfoot   Sep-17-08 03:33 PM   #4 
  - Yep... talk about being fucked  nadinbrzezinski   Sep-17-08 03:34 PM   #8 
  - Wouldn't the best thing to do is pull money out of the bank?  Bleachers7   Sep-17-08 03:40 PM   #17 
     - At this point I fear a run on banks will drive the final  nadinbrzezinski   Sep-17-08 03:41 PM   #19 
  - OK, at this point I want to know which companies AREN'T in trouble.  tridim   Sep-17-08 03:33 PM   #6 
  - This is not only the US... this is world wide  nadinbrzezinski   Sep-17-08 03:35 PM   #11 
  - ok here is the leader board of losers this week so far-  chimpsrsmarter   Sep-17-08 03:42 PM   #20 
  - I was about to post the Times article in LBN.  Harvey Korman   Sep-17-08 03:34 PM   #7 
  - Go fer it  nadinbrzezinski   Sep-17-08 03:34 PM   #9 
  - Can the new buyer change the Loan Contracts on Homes?  Disturbed   Sep-17-08 03:36 PM   #14 
  - No.  missb   Sep-17-08 03:42 PM   #21 
  - The plague spreads.  JDPriestly   Sep-17-08 03:46 PM   #22 
  - wow, it's been bizarre days in the financial sector -  tigereye   Sep-17-08 03:35 PM   #10 
  - All the regulations from 1929 were removed  nadinbrzezinski   Sep-17-08 03:36 PM   #13 
     - is that true?  tigereye   Sep-17-08 03:57 PM   #24 
        - Yes... Glass Steegal was removed by Phill Gramn's bill and signed  nadinbrzezinski   Sep-17-08 04:01 PM   #26 
           - there was a mortgage expert of some sort on Fresh Air a while back  tigereye   Sep-17-08 04:10 PM   #28 
              - Smart guy  nadinbrzezinski   Sep-17-08 04:11 PM   #29 
                 - more irrational exuberance  tigereye   Sep-17-08 04:15 PM   #30 
                    - Him and Paul Krugman  nadinbrzezinski   Sep-17-08 04:37 PM   #31 
  - Damn, this is going to damage Morgan Stanley  IWantAnyDem   Sep-17-08 03:36 PM   #12 
  - Yep... and those who celebrate this, are idiots  nadinbrzezinski   Sep-17-08 03:37 PM   #16 
  - Morgan Stanley in talks with Wachovia  nadinbrzezinski   Sep-17-08 03:36 PM   #15 
  - I bid $1!  BurtWorm   Sep-17-08 03:41 PM   #18 
  - From what I've read, it's the mortgage side of the company that brought it down -  haele   Sep-17-08 03:48 PM   #23 
  - Why don't they just let Sarah put them on Ebay?  Riddler   Sep-17-08 04:00 PM   #25 
  - so should I take my money out of the bank?? n/t  movie_girl99   Sep-17-08 04:02 PM   #27 
  - Who is holding the mortgages of the banks that go under?  seemunkee   Sep-17-08 05:16 PM   #32 
 

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