wamu seized

OK so the government has seized Washington Mutual. One of the reasons? Nearly 10% of Federally Insured dollars had been withdrawn over the past weeks. So on NPR they were just saying it was like the start of a good-old-fashioned run on the bank.

(My primary mental image is of George Baily saying, “Come on, how much do you really need?” and saving his bank — but I digress)

Is anyone reading this blog thinking of taking their money out of the bank and putting it under their mattress (or some other equally secure place?)


One Response to wamu seized

  1. vickywoeste says:

    I have our accounts in a credit union and no, I am not going to move my money (or our mortgage). It’s actually quite safe there. But WaMu used to hold the mortgage on our Chicago condo, 10 years ago . . . a 30 year with a 1-year ARM that ballooned from 6.25 to 8.25 after the first year. It killed us financially to refinance, but we did, just to get out from under WaMu’s thumb–and then we walked right into–wait for it–are you ready–here it comes–COUNTRYWIDE!!!!!!!

    Then we moved a year later (to McHenry County) and sold the property (at a loss). We will never make money in real estate so I don’t worry about having money to lose in big financial crises like the present one.

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