Yes, in other news, Washington Mutual failed today. It’s the largest bank failure in US history but it’s almost a side note on page 17. Much more important is that Lindsey Lohan is in the midst of another meltdown and Britney Spears is resurrecting her career.
Just in case it means anything to anybody, here’s the minor news:
http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news_7
Well crap, I knew it was coming but I was hoping Well Fargo would make the buy instead of Chase. (My wife works for Wells and they have apparently been positioning themselves to try to make the buy since Monday) I guess I am banking with Chase now.
Funny. My wife works for Wells too. She mentioned that they had been working on another WaMu acquisition for a couple of weeks. Small world huh?
Crazy small world! I am glad mine works for Wells right now. It seems to be one of the few banks that doesn’t look to be in trouble of any sort.
Great news! Think of all the new ATM locations for JP Morgan customers!
Dammit. And I was planning to close my account on Monday. I figured I still had a week or so, but they just collapsed too fast.
Holy shit. I’m glad I switched a while ago.
Why would you need to do that? You don’t like JP Morgan Chase?
If you’re under the FDIC limits, you shouldn’t have any problems.
From what I’ve read, Chase has been after WaMu for years, even while they were solvent. If so, I’d expect that once the mortgage troubles started, they were well-prepared, just waiting for their chance to pounce.
Also, all relevant sources I’ve read say there will not be any interruption in business continuity, as far as I can tell. Am I missing something?
ETA: One reason I’m confused:
Otherwise… what? What do you think would’ve happened to you and your money had you not done so? This is why I asked the question about business continuity above.
WaMu holds my mortgage, at least until next week (I’m refinancing for a variety of reasons). I wonder if their new Morgan overlords (J.P. must have an erection in his tomb) would cut a deal either to pay off or to keep the mortgage…
What’s this about Lindsay Lohan?
Well, thanks for* that* mental image, pervo!
Damn. I have a WaMu account, though I guess this shouldn’t affect random personal accounts too much. Welcome, new J.P. Morgan overlords!
I wonder if Chase will honor WAMU’s “free checking for life” policy.
Is it possible you guys have the same wife? I saw a movie like that once.
If you are a good customer and are on time with your mortgage payments, you really have nothing to negotiate with. You and your peers were the reason that WaMu had any value in the first place.
No, Chase is fine. One of the other suitors, though, was Wells Fargo, and I don’t like them. For all I knew, the news would have been what WF was the buyer, and that would have warranted a “fuck.” The dammit, here, is not for Chase but for having misread the timing of the failure.
Oh yay, WaMu is my bank as well, er was.
Hi JP Morgan Chase; I hope you don’t suck.
Everyone knew that WaMu was in big trouble, so it’s not like this is any surprise. And, in fact, I think it does show in a small way that the economy is not anywhere near the possibility of being a Depression-era disaster, despite what Sarah Palin in all her infinite economic wisdom said.
If WaMu had collapsed and no one had been able and eager to snap them up, I might have started feeling nervous.
Here is a little inside info… Wells bought a huge chunk of WaMu’s mortgage portfolio last year. There is a good chance that they own your loan anyway.