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yellerkat

Wamu Bank Run Starting?

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Cheers, shares down about 30% today, seem to be picking up a bit though.

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What does Mr Mortgage mean by "too big to fail"? They look to have a fairly small market cap. (and 30% smaller today!).

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What does Mr Mortgage mean by "too big to fail"? They look to have a fairly small market cap. (and 30% smaller today!).

they are the 3rd largest US mortgage lender..... they are huge...

Retail Banking

Our award-winning retail banking approach combines banking and friendly customer service in a welcoming retail environment. The concept represents the company's innovative approach to retail banking, combining a variety of elements to create an inviting customer experience.

From the WaMu Free Checking™ account and online banking to personal loans, WaMu’s Retail Banking and Financial Services business offers a comprehensive line of deposit and other retail banking products and services to consumers. The group also offers products and services to small businesses and assists them with payroll, cash management, and retirement planning.

WaMu Investments, Inc. is a full-service brokerage that specializes in helping individuals meet their financial goals. The group offers a broad range of investment products, including individual retirement accounts (IRAs), fixed annuities, life insurance, stocks and bonds as well as retirement and estate planning.

Home Loans

WaMu is one of the nation's leading home mortgage lenders. In 2006, we funded more than $150 billion in home loans for individuals and families across the nation. We offer some of the most competitively priced and desirable products in the industry.

WaMu also makes insurance products available to customers that complement the mortgage lending process including private mortgage insurance and mortgage life insurance, as well as flood, homeowners’, earthquake and other property and casualty insurance.

Commercial

We offer commercial real estate property owners and investors great value with competitive pricing and quick, reliable processing – a combination that we believe is unmatched in the industry. WaMu is the nation's leading multi-family portfolio lender, with $30.2 billion in apartment loans at the end of 2006.

  • Commercial Term Lending. Through this group, we provide a broad array of adjustable and fixed rate term financing for the purchase or refinancing of established multi-family, office, retail, industrial and mixed-use properties. WaMu is a Delegated Underwriting and Servicing (DUS™) lender for Fannie Mae’s complete line of multi-family financial products. We provide multi-family loan amounts to $25 million and above and up to $10 million for commercial loan amounts.

  • Commercial Real Estate Lending. We offer construction, acquisition, rehabilitation and term financing for office, retail and industrial properties, and new multi-family construction – with loans typically $10 million or higher.

  • Community Lending and Investment. This team is responsible for providing programs for multi-family community lending and investments for credit under the Community Reinvestment Act. We emphasize profitable and competitive affordable housing and investment programs that contribute to the enhancement of community and economic development.

  • Mortgage Banker Finance. This group provides lines of credit (“warehouse lines”) to originate residential mortgage loans, Early Purchase Facilities, and deposit and treasury management products and services to mortgage bankers throughout the United States.

Card Services

WaMu Card Services is a leading provider of credit cards to middle market consumers throughout the United States. By combining experience, analysis, technology and outstanding customer service, WaMu seeks to build long-lasting relationships with customers by providing products and services that meet their evolving financial needs.

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Am I right in thinking (given the interconnectedness of international finance) that emergency bank holidays in the US would cause similar bank holidays over here and in europe as well?

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I like Mr Mortgage, obviously a disillusioned ex-brokerage manager turned whistle blower.

Some of the things he says about the lending that went on in the US 2004-2008 shows why we are in the mess we are in.

It also shows why the fallout from our mortgage market will never be as bad as their's too.

Our lending practices were nowhere near as bad, despite what many of you on here might say.

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Wamu Bank Run Starting?

Do you have a start time for this run?

:P

Barclays 10K Charity Run Event date: 09-Mar-2008

Memo from Barclays CFO;

Under no circumstance are we to sponsor any more Runs, people will get the wrong idea!

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Our lending practices were nowhere near as bad, despite what many of you on here might say.

Do you have something to back that up, because if yes I'd like to know.

From personal experience, I knew a guy with no job, no passport, a fake name, no capital who managed to buy around 30 BTL properties (not new build) with 100% mortgage in the North of England. I think the BTL's here rivalled with what happened in the US.

Edited by williamdb

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might be time to start asking about what happens if the FDIC money dies up .... could there be a run on the FDIC with banks rushing to have a run before their deposits become uninsured ? a sort of meta bankrun ....

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Do you have something to back that up, because if yes I'd like to know.

From personal experience, I knew a guy with no job, no passport, a fake name, no capital who managed to buy around 30 BTL properties (not new build) with 100% mortgage in the North of England. I think the BTL's here rivalled with what happened in the US.

Lets just say I'm in the industry and I know what exactly what has gone on over here and it is no way as bad as the US.

I'm not saying there hasn't been a fair share of fraud over here but it is still as I said, no way as bad as the US.

The BTL fraud, like you evidenced, is mainly contained to new build flats and they have been found out and have already dropped in price by half. Silly builders. Your case is most likely an exception rather than the rule and hopefully he and his broker are locked up by now.

But no mortgages over here were on 12 month discounts that jumped from 2% to 8% overnight with massive early repayment charges for 7 years like there was in the US. They just didn't give people the option to do anything but walk away.

Also to be fair to the FSA key facts documents are pretty clear and have been in place since 2004, unlike US illustrations that held the really nasty small print on the back page of about 15 pages of small print.

But its just no way near as bad as the US!

Lenders and brokers over there financially murdered everyone when Greenspan reduced rates to practically nothing and as soon as the rates went up and the loans reset, bang! Armageddon ensued.

Even if there becomes a big problem with affordability here, it's not as if people can walk away anyway. In the US you can hand your keys back and the lender will foot the bill. Here you HAVE to pay.

The only lenders that will aggressively pursue repossession are the sub prime lenders and Northern Rock because of their government mandate to reduce their book.

Buy to let is about 10% of the market. Sub prime is about 7%. Self cert about 5%. The rest is prime, full status, no problems here business.

The US has 25% of all loans sub prime and about another 20% as Alt-A (our version of self cert) so I just cannot see where the comparison is.

The only thing that worries me about our mortgages are first of all the extend to which fast track was abused where prime applicants with fantastic credit scores and low unsecured debt that could borrow without proving income and the hike in rates to what we see today due to the credit crunch - however rates seem to have plateaued in the last month or so.

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http://www.reuters.com/article/marketsNews...20080714?rpc=44

lol get this its halarious... the analyst that kill them... issues a retraction....

In the clarification, referring to regional banks National City Corp (NCC.N: Quote, Profile, Research, Stock Buzz) and First Horizon National Corp (FHN.N: Quote, Profile, Research, Stock Buzz), Bove wrote: "We are definitely not suggesting that National City, or First Horizon, is in dangerous condition at the present time."

He also repeated that while no bank covered by Ladenburg is in the "danger zone" with respect to one of the metrics, Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz), the largest U.S. savings and loan, "is on the edge."

yes you see "misinterpreted to suggest that there are significant problems in the financial system."

there are no significant problems in the fiancial system oh no ... no problems here move along please...

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The dodgy mortgage practices may appear worse over in the US. But average mortgage: earnings ratio is higher here. Our properties were more severely overpriced. It will be bad here

And the run on the Rock happened before the UK housing market turned. B&B appears to be on life support, others obviously in trouble. Yet the housing decline has only just got going.

We are in terrible shape

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Memo from Barclays CFO;

Under no circumstance are we to sponsor any more Runs, people will get the wrong idea!

I once worked in a Bank with a system called a Bid Offer Machine... after one person managed to evacuate the whole trading floor one day....

an Email went out...

Under no circumstances is anyone to refer to the Bid offer Machine as a BOM over the phone...

Hi this is ... i just fixxed the BOM and its raring to go ...

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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