Posted by Bob_Chicago on 9/26/08 3:56pm
Msg #265516

Washington Mutual.. Have a HELOC scheduled for tonite. FWIW

the dox were just e-mailed to me. Look about the same as they
used to.

Reply by Glenn Strickler on 9/26/08 4:23pm
Msg #265519

Got through with a WaMU purchase this morning .. Edocs. No difference.

Reply by Marian_in_CA on 9/26/08 4:30pm
Msg #265521

Everything will run as usual...it's not really a typical

FDIC seizure. The FDIC seized it, yes, but it was essentially a simultaneous purchase by Chase. It's going to be handled essentially like a regular 6-month this-bank-bought-that-bank kind of deal. For the time being, everything will run as it always has been and will operate as separate entities for the next few months.

Reply by Julie/MI on 9/26/08 5:23pm
Msg #265526

Re: Everything will run as usual...it's not really a typical

I had a closing two days ago with a different lender. borrower was paying off a $7,000 wamu credit card. From what I read, Chase is not buying the bad debt (they told me they were 7 mths behind in their credit card payment.) So what happens to all the outstanding/deliquent credit card stuff?

Reply by PAW on 9/26/08 7:57pm
Msg #265542

Re: Everything will run as usual...it's not really a typical

Having survived three major "mergers" (and buyouts) by JPMorgan Chase and Chase Manhattan Bank, nothing will change for many months. When Chase acquired JPMorgan, it took two years before everything got changed. Before that, when Chemical Bank of NY bought Chase Bank in '96, it was over a year before the "Chemical" name all but disappeared. The same when Chase bought Manufacturers Hanover Trust (Manny Hanny) just prior to the Chemical Bank purchase. However, when Chase acquired Bank One in 2004, it only took a few months to get the name changed from Bank One to Chase in the credit card business.

Reply by Sarah/CA on 9/27/08 11:16am
Msg #265574

Re: Everything will run as usual...it's not really a typical

I was in my local WAMU yesterday taking care of my regular banking and mentioned I did not see any new signs up. The teller told me we won't see any real changes until 2010.

Reply by Bob_Chicago on 9/27/08 11:31am
Msg #265575

Hopefully, their loan volume will start to pick up. WAMU..

loans have been few and far between recently. Now with
JP Morgan Chase money available, we may start to see more action.
Looks like WAMU was on the verge of returning checks for
insufficient funds. ---"Not your's, our's"