Will I now be a customer of Chase Bank or will they continue to run under the Washington Mutual name? Will they issue Chase debit, credit cards, and checks?
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Posts Tagged ‘Mutual’
Why is washington mutual taking so long to deposit my check?
I opened a Washington Mutual account last week. I deposited a $4500 check from Citifinancial. The check itself is a personal loan check. They said it would take 7 days for it to fully go through and be available to me. I really need the money soon. I need to purchase a car ASAP! I really can’t afford to wait 7 days. Is there anything I can do to speed the process up?
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Another One Bites the Dust! Lehman Brothers, Merrill Lynch, Aig and Washington Mutual
What a mess.
Lehman Brothers filed for bankruptcy this weekend. Merrill Lynch was bought out by Bank of America. American International Group (AIG) is on the edge bankruptcy or being acquired for pennies on the dollar.  Last week the federal government took over Fannie Mae and Freddie Mac.
The US government set a potentially ugly precedent of not letting financial companies fail when it guaranteed JP Morgan Chase’s takeover of Bear Stearns in March. This was reinforced with the takeover of the quasi-government agencies: Freddie Mac and Fannie Mae.
Rumors of Lehman Brothers demise started last week. The Government went into the weekend saying that it wouldn’t bail out Lehman. The Government put the burden of finding a solution on the financial sector. Several financial institutions were in the running, but it boiled down to Bank of America or nothing. The answer was nothing.
It was kind of strange: Bank of America started the weekend in talks to take over Lehman Brothers, but ended up walking away with Merrill Lynch by the end of the weekend.  I guess they didn’t want any more subprime garbage after acquiring Countrywide.
The real test is seeing what happens with AIG. AIG currently is on the brink of being downgraded by Standard & Poors. This will cost AIG billions of dollars. They can avoid the downgrade by raising capital by either selling assets or getting more outside financing. Either prospect is painful. Though, selling some of their assets might help get them back to their core business of insurance.
The catch to AIG is how much money they need. They used to have a market capitalization of around $200 billion. At the end of the day on September 15th, their market capitalization was around $15 billion. They are looking for financing of $50 billion.  Why would someone lend a company money for 3x their market value?  Will they be too big to fail?
Check out 104Finance.com for more information about this crazy financial situation we seem to have gotten ourselves into.
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Washington Mutual Loan Modification
Washington Mutual is a famous company and one of the largest banks in America. The JP Morgan Chase has recently acquired this company. As the merge was taking place the customers of Washington Mutual were assured about the safety of their accounts and were promised that they would be unaffected in any case by this merger. In fact it is one of the first bank that agreed with President Obama’s home stimulus plan with the slogan of “Make home affordable” and helped its customers to have their loan modified into lower monthly installments as well as have their mortgage at lower rate of interest. All this was done with the help of their Washington Mutual loan modification program.
The main essential requirement for the loan modification is that the borrower should be residing in the house for which he had taken the loan and now wants it to be modified into affordable terms and conditions. If you have left the house under a housekeeper or have made it a vacation home, you will not be qualified for the loan modification program. The bank also adjusts the repayment installments into amount that is easily payable and the sum total of all the installments is less than 31% of the borrower’s monthly income.
Washington mutual loan modification program is designed and planned to help homeowners avoid foreclosure and keep their home safe too. The bank is extremely concerned about the safety of your house and will help you save your house anyway. The Washington Mutual works fast and finalizes the deal as quickly as possible so that the homeowner does not have to wait for long. If you want to apply for the loan modification program of Washington Mutual, you must collect the necessary document and fill up the application form accurately so that the chance of approval of your application increases.
If you are not sure about which program is beneficial for you, you can call the loss mitigation department of the bank and enquire about it there. The whole department is ready to help you and you can avail the opportunity but it will be better if you note down the questions you want to ask before calling the bank. This will help you get all the information at a time and you will not miss out anything that would have been important to ask otherwise.
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Washington Mutual Bank: Growing Through Good Times and Bad
Washington Mutual (Wamu) Bank is a business that goes by the old adage, “If you’re not growing, you’re dying.” Wamu has a very long history coming into modern times of mergers, buy outs, and the type of expansion that have kept them a growing and thriving business through both good and bad economic times. Any bank that is capable of this type of consistent growth usually shows a history of good decisions and the type of solid foundation that indicates an admirable business model.
The history of this institution reflects this. In 1911, when the predecessor to the bank was barely over a decade old, they recruited Eugene Favre, co-founder of Murphey Favre Inc, and investment firm that was based out of Spokane, Washington. At this point the business was known at that time in the early century as Washington Savings and Loan Association.
It’s easy to keep expanding during good times (not always for the best) but the continued expansion during rougher times is what kept the bank strong. During World War I they managed to continue to expand assets by a mind boggling 68%, setting them up with a solid foundation that would help them to ride out the severe recessions that would later follow and cripple much of the country.
This accomplishment didn’t go unnoticed. After the war years Washington Mutual had a hard earned reputation as one of the strongest and most fundamentally sound savings and investment institutions in all of Washington state.
In 1923, this bank started its now renowned “Saving Their Pennies” program. This program was aimed at schools to help teach children the value in saving money. During that first drive, almost 17,000 school children made deposits. This tradition has since helped tens of thousands of kids to learn how saving money is more important than spending it, a message that you wish more institutions would teach.
Washington Mutual’s first true acquisition came at a time when most banks where facing the pressures of the Great Depression. On July 25, 1930, at the request of Continental Mutual Savings Bank, Wamu Bank purchased their bank to protect their customers and help steer the new combined bank through the very difficult times that were already upon them, and the worse ones yet to come.
Wamu continued to be a pioneer, installing its first computer in 1962 as the technology was just burgeoning, and also creating innovative payment systems for inner city housing to help slow and fight the on going decay of inner city infrastructure.
They went from a private institution to a public one in 1983. Within six years the bank more than doubled in size, proving that even during an entire decade marred by recession, they knew how to not only survive, but to thrive in adverse conditions. There were many mergers in recent years, as well, including with Great Western Financial Corporation, H.F. Ahmanson & Co., Dime Bancorp, Inc., and also a take over of Providian Bank.
Washington Mutual is now one of the largest banks in the United States, and their history indicates that if they continue with their innovative tactics and home based banking, that this company will continue to have a bright future
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Washington Mutual Bank: A Long History with the Community
Washington Mutual Bank, better known as WaMu, is one of the largest banks in the United States. Originally based in the Washington state area, WaMu has since expanded to be a national company that even has its stock actively traded on the American stock market. One of the aspects of this history that makes this bank especially interesting is the fact that they are constantly on the forefront of innovation.
There are many examples of Washington Mutual being one of the first banks to experiment with new ideas or practices that are commonplace today among banks and banking institutions in general. Some of theses examples include:
- The first home loan, given in 1890
- The first “shared” network of ATM machines, in the late 1970s.
- Designed a retail store design that was so unique that it was issued a U.S. patent to avoid copycats.
These are just three examples out of many more that show how it can pay to break out of the pack and think creatively. What makes the first example even more amazing, however, is that while they gave what might very well have been the first home loan in 1890, the bank was only founded in 1889.
Washington Mutual was started in Seattle shortly after a devastating fire nearly wiped out the city. During this time of rebuilding this bank become renowned for being extremely involved in the local community. This reputation helped the bank to grow and expand as the city of Seattle recovered, and they did well enough that eventually they continued to grow and go from a local bank to a regional, then national, bank chain.
WaMu’s original name in 1889 was actually “The Washington National Building and Loan Association” and was developed specifically to set up a safe system where investors could lend money to neighbors who needed to rebuild after the Seattle fire. This system which helped to guarantee safe investing and efficient use of the money helped create a bank that would still be growing over a century later.
This bank made the first monthly-installment home loan, at least on the Pacific Coast, on February 10, 1890, to a Norwegian sailor who borrowed $700 in order to build a hose in Ballard, which was a specific Seattle neighborhood. This “creative” version of a home loan proved to be both wildly successful and poplar, gaining so much press that Seattle ended up being re-built on these loans, as Washington Mutual made more than 2,000 similar loans to help build 250 blocks of housing in Seattle.
In modern times, WaMu continues to strive to be a bank that is known for being a part of every community you can find a branch in. The first open annual shareholder meeting took place in 1984, and has remained an annual tradition since then. Washington Mutual is now a publicly owned bank that is larger than at any other time in its history thanks to continued growth.
No one can know what the future holds, but if the past is any indication, then the forward thinking that has helped Washington Mutual Bank grow in the past will keep them at the forefront of banking in the future.
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What Pisses Me Off About the Financial Meltdown of Lehman Brothers, Aig, Washington Mutual and Other Collapsing Businesses
Lehman Brothers went bankrupt, AIG is being bailed out by the Federal Government, the Fed is looking for a buyer of Washington Mutual, and banks on 09/16/2008 abruptly stopped lending to each other overnight. All this turmoil did not occur over a period of a few months or a year although it had been building for the last 2 years. All of this activity has occurred in the last week. It began on 09/14/2008, and as of the time I am writing this article the stock market has dropped an estimated 5% in 3 business days.
You say that is ok I will get into a money market fund because my money will be safe and liquid there. Well not anymore. The Wall Street Journal reported that a huge money-market fund, the Reserve Primary Fund, announced Tuesday that it lost money as its net asset value fell below the hallowed $1-per-share level, the first time one of these conservative funds has had a loss in 14 years. The reason is was debt securities it holds issued by Lehman Brothers Holdings Inc. This means that more losses may be in store for other money market funds. The S&P and Standard and Poor’s have placed several funds on credit watch for possible downgrades.
What does this mean for you the person living on Main Street? We are facing potentially the largest financial meltdown in history. This crisis will not only have ramifications in the United States but around the world.Â
The thing that pisses me off about all this is when those individuals in their Ivory Towers were looking down and seeing how much money they were making rather then seeing what the moral hazard is they wanted deregulation. They wanted the government to stay out of their business. Now that they are all strugiling and the businesses are collapsing they want the regulation and begging the government to bail them out.
As a community and as a country we are going to suffer. We need to stand up to all the politicians who make these laws and start voting them out. We need to make them understand that they are not in Washington to do the bidding of lobbyist but the bidding of the American People. What makes our country any better then any other country? Nothing because what we call bribery based on the activities of other nations we call here lobbying. We need to stop playing on words. If it looks like a bribe and it smells like a bribe then it is a bribe. Deep pockets buy good government for those who can afford it. The rest can all suffer based on that philosophy.Â
Stop the madness people. It is time for a financial revolution. The best way that we can affect change is by hitting where it hurts the most. Not by wars and fighting and killing but by hurting the deep pockets. Stop voting for the same people over and over again. Stop picking only Democrats and Republicans. Both parties have controlled this country for over 100 years. What is different from that and a dictator? Nothing!
Check out 104inc.com and join the revolution of people who want to break the monopoly on deep pocket businesses. 104inc will help the little guy unlike Yahoo and Google.
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Washington Mutual, AIG
As large companies begin to find themselves in a financial turmoil that leads to takeovers, the public becomes increasingly disillusioned with corporate America. In fact, the US corporate image has become somewhat tarnished as one by one corporate giants come tumbling down. Not only has consumer confidence begun to waiver as the government steps in, practically shouting out that corporate America needs Big Brother to step in and save the day, but also, corporate confidence is becoming bold with the assumption that free money is going to continue flowing from governmental sources.
Unfortunately, corporate America has begun to show a flagrant disregard for taking responsibility for their errant ways. Americans and the rest of the world are beginning to realize that corporate America is almost brazen in their defiance of the safe and steady path which they have replaced with the quick two step from no money to lots of money. Unfortunately, this has been a short-lived scenario that is now costing US taxpayers where it hurts the most- their wallets and pocketbooks, not to mention their retirement plans.
Washington Mutual, one of the largest financial providers in the US, recently fell from its perch of security. Seized by the government and partially taken over by another of the financial giants, JPMorgan Chase Bank, Washington Mutual is faced with the fallout of disappointed and disillusioned consumers.
These same consumers along with many who aren’t even affiliated with Washington Mutual now wonder if they were mistaken to believe in the security of such a corporation just because of its reputation and size. The manner in which US citizens in particular and the world in general look at corporate images in America has changed. What was once faith and well-founded trust has been taken over by mistrust and well earned suspicion.
AIG or American International Group Inc. is another of the corporate giants to take the tumble downward. Once one of the world’s largest insurers, AIG is currently looking to compensate its executives with bonuses and severance payments from the government bailout.
However, New York Attorney General Andrew Cuomo has placed a hold on these payouts until taxpayers are able to recoup their personal AIG investments. Even though the government has been able to tighten the reins and stop AIG from pillaging the bailout funds, everyone else knows what AIG executives were planning. Mirror, mirror on the wall, which corporate image is causing a ruckus now?
Impeccable reputation notwithstanding, Lehman Brothers Holdings Inc. has fallen along with the rest of the big corporate giants and is facing the same trust issues. Suspicion over the veracity of every statement that Lehman Brothers has made to its analysts is propelling an investigation by Federal prosecutors. While the public in general must be pleased to see that even the mighty members of corporate America are not immune to investigation, nonetheless, the public must also be disappointed that yet another face of corporate America is portraying a not so favorable image. The reality is that even when this debacle is over, certain corporate images will remain tarnished and numerous others will become suspect.
Joseph Shalaby is a Mortgage Broker in Southern California with nearly 10 years of expertise and leadership in the real estate industry. His firm American Mitigation Group is a leading authority on mortgage crisis resolution, including: Loan Modifications, short-sales, deed-in-lieu, reinstatement plans, and traditional residential financing.
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A Loan Workout for Your Washington Mutual Mortgage
To be in a financial turmoil is a horrendous problem one will ever be faced with. With the current status of the financial market, it seems that it has severely affected not just the economy but also the financial status of every individual. Most people are now experiencing financial hardships that even the homes that they have called their own are now at the risk of being foreclosed. That is precisely the reason why there is also an increasing trend for those in need of loan workout.
Mortgage Loans with Washington Mutual
Washington Mutual, Inc. is one of the big names in the financial sector that have fallen down because it was saddled with billions of dollars in mortgage debts. If you are among those who had a mortgage loan and had defaulted mortgage loans with the said bank, you should be happy with this news. What is even more appealing is that JPMorgan Chase is offering incentives and debt solutions to delinquent homeowners with Washington Mutual. Instead of simply writing off $31 in bad debts, recovery of the amount is possible through a loan workout.
If you were one of the defaulted homeowners whose home is facing foreclosure with Washington Mutual, wait no more. A loan workout would cure your bad loan and will give you a more affordable monthly amortization payment for your home.
Why bother with Mortgage Loans?
A person who intends to buy a home may seek a loan from a financing institution or its intermediaries to acquire the real property. Mortgage loan is your way of acquiring new homes or real properties through the financial institutions. Buying a home through a mortgage loan requires it to be secured by the real property being acquired. Any default would mean foreclosure of the property and eventually having it auctioned to other buyers or it pushes the possibility of a loan workout.
Why Choose a Loan Workout?
To some troubled homeowners whose homes are at the verge of the foreclosure process, getting a loan workout is the ultimate solution. A loan workout would mean taking steps in order to resolve default payments of the mortgage loan of their homes. Delinquent loan payments will be erased and the lender can offer a new and lower repayment schedule. It usually runs for a longer period until the outstanding principal has been eventually paid off. The lender is given a chance for a more favorable payment schedule. A loan workout is such a relief for the homeowner to have his home back.
Loan Workout Processes
A loan workout is not refinancing. It is simply seeking an affordable repayment mortgage terms with your lender. Loan workout processes may involve any one or a combination of the following:
Reduced payment terms and rate of interest,
Reduced outstanding principal,
Conversion from an adjustable rate to a fixed rate,
Removal of late payment charges,
Forgiveness of missed payments, and
Stopping foreclosure.
Who Do You Need to Get in Touch with?
The Law Office of Saboorian and Associates is intent in helping people who are having financial turmoil and saving homes is their top priority. They are truly experienced in the real estate industry and have been helping people for about three decades already.
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What to Do With the Underway Loan Workout at Washington Mutual
When the economic crisis began its upbeat early this year, its impact was so strong that it affected businesses and consumers alike. Even debts and loans have been affected wherein the number of defaulters has also started to follow an upward trend. More and more people are feeling the worldwide economic crisis and even their own homes are jeopardized. People are threatened that one day they might just have no more homes to go to. Loan workout is one of the many solutions that people run to in times like this.
Washington Mutual
The financial crisis that struck the economy has also affected banking giants in the state of Washington, one of which is Washington Mutual, Inc. It was sadly affected by the bad mortgage debts that reached to billions of dollars already. The bank was seized by JPMorgan Chase. Although it had no direct impact on the depositors, the homeowners were already seeking loan workouts with their faulty mortgage loans. But news is that JPMorgan Chase plans to offer debt solutions to the delinquent borrowers of Washington Mutual, Inc. And for those who had a loan workout underway, they should even be happier as their loan workout is more likely to be approved. This is the bank’s way of recovering the $31 billion they have lost to bad mortgage debts. Distressed borrowers should not be wary anymore, as they will easily be granted a more affordable monthly payment for their mortgage loans.
Mortgage Loans Defined
A loan that requires a real property as security of the loan is called a mortgage loan. It is bounded by the legal instrument called a mortgage. A mortgage loan is usually the primary method being engaged into by those who want to be financed in the acquisition of residential properties. The real property or the mortgage is basically the loan security or the loan collateral by the lender. When payments on mortgage loans are not made, you would have to resort to a loan workout.
Loan Workout Defined
A loan workout involves the steps being taken by a borrower in order to have a fresh start of his defaulted loan payments. It may either entail reducing the monthly installments or having a lengthy payment period until the principal has been fully paid. A loan workout allows the lender to have a more comfortable payment terms in order to salvage the mortgage loan of their home and avoid the possibility of foreclosure.
A loan workout may mean having lowering interest rates and monthly amortization schedule, reducing the principal balance, forgiveness of any missed payments, forgoing the late payment fees, applying a fixed rate instead of an adjustable rate, and eventually halting foreclosure. Mortgage problems should not be ignored and a loan workout is the most effective and the quickest way to save your home.
Where to Get Help
If you are in need of a loan workout, then you ought to visit the site of the Law Offices of Saboorian & Associates at Keep My House Law on the Internet. With thirty years in the real estate industry, it is enough professional experience that you ought to choose and not look for help anywhere else.
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