Comments on: Washington Mutual Falls To Subprime Mess

Government Seizes Nation's Largest Thrift Bank, Sells Major Portion To JPMorgan Chase

[drivelphobe]

I had an acquaintance in the mortgage business over the past 5-6 years who bragged about his money, bought every toy with reckless abandon, and scoffed at my suggestion to save and prepare for the inevitable cycles of his business. He told me his secret to making so much money was to get borrowers referred by friends working in major banks who had been turned down, and he would get them loans through his contacts.

Good news is he lost everything during the past year, and is starting over, bankrupt. Sad for his three children who thought life was terrific until now.

I say no to any bail out and let the chips fall where they may.

[Michael Arnold]

Let''em (all) die and die quickly,the better off we''ll be. Unfortunately, if this bailout happens, its gonna get a lot worse. A LOT worse. Washington will have zero creditability.

[spiritwalk]

poured salt in the wound by rubbing it in their face that they wouldn''''t make a dime off of me anymore, which I know was childish, but I should have had to pay for their mistakes. I took care of my business, why weren''''t they?
Posted by CBSSmurf76 at 04:05 PM : Sep 26, 2008
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I was more childish than that. I told them (the rep herself) that everyone knew that WaMu was in trouble and when they did fall you could comfort herself with the thought that she had done her best to make my life and all the customers like me miserable being petty for a bosses that would put her on the street while they saved themselves.
Isn''t karma beautiful?

[dakotaclark]

Hmmm...

The real culprits in this mess are some of the real estate and mortgage businesses. In their chase to close deals and make big $$$$$ commissions, real estate professionals, suggested certain lenders to their unsophisticated buyers.

Then, mortgage professionals, shoved or jammed these buyers/borrowers into loans that did not benefit the borrower.

In many cases, real estate and mortgage folks made big commissions, by fleecing the buyers.

In general, the crappier the loan to the buyers, the higher the commissions to the mortgage folks. Loans notable for this were the very low start rate adjustable rate mortgages.

The mortgage business failures are not the fault of people who were desperately seeking home ownership. Rather, the fault lies directly with the greedy real estate and mortgage folks.

It is routine for mortgage folks to earn as much as $5,000 to $8,000 or more, per $200,000 loan, by carefully adjusting and massaging the rates and points.

There ought to be a law. Maybe now with the collapse of mortgage%u2013backed securities, there will be stronger laws to regulate the real estate and lending businesses.

[eyetosee]

We Sold off The Standards Long ago so way be supprised NOW!

[cbssmurf76]

Deserves Wamu right! I have been a long time Wamu customer, always taken excellent care of my credit, payments, etc. In fact, I was always a model client. However, this summer, they decided to take advantage my good standing. My credit card with them had a 9% APR, the next month it jumped to 14%, the following month 21% & now currently it stands at 28%. I was never late, I always paid more than the minimum, & I stayed within my credit limit. My other credit cards/banks rewarded me for my efforts, but not Wamu. When I asked them why they were jacking my rate, they couldn''t give me an explanation other than that they couldn''t lower it. So, since they wanted to screw me over, I did the same to them. I transfered my entire balance to a new card with 0% APR & cut my card. I poured salt in the wound by rubbing it in their face that they wouldn''t make a dime off of me anymore, which I know was childish, but I should have had to pay for their mistakes. I took care of my business, why weren''t they?

[spiritwalk]

"the climb the deeper the fall"
"October is traditionally the worst month of the year for the stock market."

Pithy proverbs always sound good when applied to any discussion. It reminds me of a con job I know of one person getting caught in.
There was a little Mom & Pop store in the neighborhood. I went in one day and the owner was beside himslf with anger.
He told me he had just been conned into buying 3 cases of "Charmin" he didn''t need. He had told the salesman he didn''t need any as he had plenty of toilet paper in the back. The salesman said "You had better stock up though. Remember, the summer is coming."
The saleman instilled fear in the store owner with a clever line. A fear that he would not have the toilet paper he would need because people always c**p more in the summer.
That is the same c**p the bankers are selling now to congress and the voters to get them into panicing and coming up with new banking regulations.

[spiritwalk]

By the way koko98 you wrote:

"While Mr. Spirit sees conspiracies..."

What I did I post that made you conclude that I was a "Mr" and not a "Ms"? I see nothing to indicate that anymore than I see anything to justify your conclusion that I am a Republican.

Again my point, emotional manipulation of people''s prejudices and fears lead to them to coming to conclusions that the facts do not support.

That is how the banks and the investment corporations are manipulating this crisis. Take any group of people, turn them into 2 prejudiced and fearful mobs fighting each other and they will forget about you while you rob both their houses.

[spiritwalk]

The Republicans are fiddling while Rome burns. How patriotic.
Posted by koko98

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You prove my point. For you the Republicans are fiddling while Rome burns. Someone else thinks the Democrats are fiddling.
While you are playing this game the people who are setting the fires are just lighting more fires and profitting from the blaze. Anytime someone starts looking at them and wonders what they are doing with the matches they distract you with some other silly issue. If you ask what they are doing with that torch they point at someone else and start going on about how that guy isn''t wearing an American flag on his lapel. Then you go running off and let them alone to set another fire.
If you don''t think there is anything suspicious that this whole crisis came up just as the election closed in then I will never make you see that manipulated partisan bickering is being fueled just to distract you.

[spiritwalk]

I am so glad that the Republicans are more than willing to have us all relive the carefree days of the Great Depression. Thanks.

Posted by koko98 at
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What is that supposed to mean?

There is a crisis going on. A financial institution based and manipulated crisis. Financail giants are pulling the strings of panicing politicians, right before the election, hoping to get them make hasty decisions to satisfy the panicing voters.
Working with the bankers are blogers, like you who come up with crazy nonsensical statements about Republican this and Democrat that, "Obama is a Muslim", "Palin is afraid of witchcraft"; while the banks get congreess to give them the legislation and power they want.
Any con artist will tell you that the secret to running a con is to distract the mark while you set them up. They keep you thinking that you are the clever one and you think you are so clever that you have beat them while they make the getaway with your money.