# Oh, and BTW, WAMU failed today. The largest bank failure in US history. **URL:** \ **Category:** Great Debates\ **Created:** [September 26, 2008, 3:52am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280 "2008-09-26T03:52:26Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [September 26, 2008, 3:52am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/1 "2008-09-26T03:52:26Z")
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](http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news_7) ---
**Author:** ![NAF1138](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/naf1138/32/3245_2.png) [@NAF1138](https://boards.straightdope.com/u/NAF1138)\ **Post date:** [September 26, 2008, 4:02am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/2 "2008-09-26T04:02:17Z")
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. ---
**Author:** ![JXJohns](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jxjohns/32/469_2.png) [@JXJohns](https://boards.straightdope.com/u/JXJohns)\ **Post date:** [September 26, 2008, 4:14am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/3 "2008-09-26T04:14:36Z")
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? ---
**Author:** ![NAF1138](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/naf1138/32/3245_2.png) [@NAF1138](https://boards.straightdope.com/u/NAF1138)\ **Post date:** [September 26, 2008, 5:11am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/4 "2008-09-26T05:11:36Z")
> [@JXJohns](#): > > 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. ---
**Author:** ![MOIDALIZE](https://avatars.discourse-cdn.com/v4/letter/m/e274bd/32.png) [@MOIDALIZE](https://boards.straightdope.com/u/MOIDALIZE)\ **Post date:** [September 26, 2008, 5:17am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/5 "2008-09-26T05:17:26Z")
Great news! Think of all the new ATM locations for JP Morgan customers! ---
**Author:** ![Cervaise](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cervaise/32/16693_2.png) [@Cervaise](https://boards.straightdope.com/u/Cervaise)\ **Post date:** [September 26, 2008, 5:54am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/6 "2008-09-26T05:54:49Z")
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. ---
**Author:** ![Silver\_Tyger](https://avatars.discourse-cdn.com/v4/letter/s/fbc32d/32.png) [@Silver\_Tyger](https://boards.straightdope.com/u/Silver_Tyger)\ **Post date:** [September 26, 2008, 6:13am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/7 "2008-09-26T06:13:18Z")
Holy shit. I’m glad I switched a while ago. ---
**Author:** ![Leaper](https://avatars.discourse-cdn.com/v4/letter/l/4bbf92/32.png) [@Leaper](https://boards.straightdope.com/u/Leaper)\ **Post date:** [September 26, 2008, 6:21am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/8 "2008-09-26T06:21:28Z")
> [@Cervaise](#): > > 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. Why would you need to do that? You don’t like JP Morgan Chase? ---
**Author:** ![ParentalAdvisory](https://avatars.discourse-cdn.com/v4/letter/p/53a042/32.png) [@ParentalAdvisory](https://boards.straightdope.com/u/ParentalAdvisory)\ **Post date:** [September 26, 2008, 6:36am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/9 "2008-09-26T06:36:34Z")
> [@Cervaise](#): > > 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. If you’re under the FDIC limits, you shouldn’t have any problems. ---
**Author:** ![Leaper](https://avatars.discourse-cdn.com/v4/letter/l/4bbf92/32.png) [@Leaper](https://boards.straightdope.com/u/Leaper)\ **Post date:** [September 26, 2008, 6:41am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/10 "2008-09-26T06:41:18Z")
> [@NAF1138](#): > > 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. 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: > [@Silver Tyger Girl](#): > > Holy shit. I’m glad I switched a while ago. 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. ---
**Author:** ![Sampiro](https://avatars.discourse-cdn.com/v4/letter/s/2acd7d/32.png) [@Sampiro](https://boards.straightdope.com/u/Sampiro)\ **Post date:** [September 26, 2008, 6:42am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/11 "2008-09-26T06:42:59Z")
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… ---
**Author:** ![Koxinga](https://avatars.discourse-cdn.com/v4/letter/k/4af34b/32.png) [@Koxinga](https://boards.straightdope.com/u/Koxinga)\ **Post date:** [September 26, 2008, 6:45am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/12 "2008-09-26T06:45:31Z")
What’s this about Lindsay Lohan? ---
**Author:** ![elucidator](https://avatars.discourse-cdn.com/v4/letter/e/8edcca/32.png) [@elucidator](https://boards.straightdope.com/u/elucidator)\ **Post date:** [September 26, 2008, 6:48am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/13 "2008-09-26T06:48:00Z")
> [@Sampiro](#): > > …(J.P. must have an erection in his tomb)… Well, thanks for\* that\* mental image, pervo! ---
**Author:** ![Windwalker](https://avatars.discourse-cdn.com/v4/letter/w/5e9695/32.png) [@Windwalker](https://boards.straightdope.com/u/Windwalker)\ **Post date:** [September 26, 2008, 7:22am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/14 "2008-09-26T07:22:46Z")
Damn. I have a WaMu account, though I guess this shouldn’t affect random personal accounts too much. Welcome, new J.P. Morgan overlords! ---
**Author:** ![brazil84](https://avatars.discourse-cdn.com/v4/letter/b/8491ac/32.png) [@brazil84](https://boards.straightdope.com/u/brazil84)\ **Post date:** [September 26, 2008, 11:13am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/15 "2008-09-26T11:13:10Z")
I wonder if Chase will honor WAMU’s “free checking for life” policy. ---
**Author:** ![Baldwin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/baldwin/32/7264_2.png) [@Baldwin](https://boards.straightdope.com/u/Baldwin)\ **Post date:** [September 26, 2008, 11:25am UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/16 "2008-09-26T11:25:36Z")
> [@JXJohns](#): > > 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? Is it possible you guys have the same wife? I saw a movie like that once. ---
**Author:** ![JXJohns](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jxjohns/32/469_2.png) [@JXJohns](https://boards.straightdope.com/u/JXJohns)\ **Post date:** [September 26, 2008, 1:16pm UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/17 "2008-09-26T13:16:53Z")
> [@Sampiro](#): > > 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… 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. ---
**Author:** ![Cervaise](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cervaise/32/16693_2.png) [@Cervaise](https://boards.straightdope.com/u/Cervaise)\ **Post date:** [September 26, 2008, 2:06pm UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/18 "2008-09-26T14:06:38Z")
> [@Leaper](#): > > Why would you need to do that? You don’t like JP Morgan Chase? 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. ---
**Author:** ![Knorf](https://avatars.discourse-cdn.com/v4/letter/k/58956e/32.png) [@Knorf](https://boards.straightdope.com/u/Knorf)\ **Post date:** [September 26, 2008, 3:02pm UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/19 "2008-09-26T15:02:02Z")
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. ---
**Author:** ![JXJohns](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jxjohns/32/469_2.png) [@JXJohns](https://boards.straightdope.com/u/JXJohns)\ **Post date:** [September 26, 2008, 3:07pm UTC](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280/20 "2008-09-26T15:07:36Z")
> [@Cervaise](#): > > 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. 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. [Next page](https://boards.straightdope.com/t/oh-and-btw-wamu-failed-today-the-largest-bank-failure-in-us-history/465280.md?page=2)