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Washington Mutual bought out by JpMorgan Chase, housing crisis

By
Real Estate Agent with Lucky Star Realty 01708681

From the novel Great Expectationsby Dickinson, "It was the best of times, it was the worst of times."  Right now, If you are a home buyer or real estate investor who held out during the "good times" of our current real estate cycle, then at this moment, it is the best of times for you because of all the opportunities and foreclosures happening locally and throughout the country.  The current economic situation and housing situation are all inter-related and the mortgage crisis is now affecting Large Banks and Lenders throughout the country, heck, throughout the world as companies are being folded and more and more people are becoming jobless. 

Even on Thursday night as the news casters announced the folding or selling out of our country's largest savings and loan bank, WAMU or Washington Mutual, to JPMorgan Chase, I could not believe what was happening.  I knew we were in a large economic crisis, but not to this level where a 119 year old bank has folded before our eyes, and it happened so fast too!  What could possibly be next, or should I say, which lending/investing institution is next?  What is going to happen to our economy? The proposed 700 Billion Dollar bailout?  The housing market?  All these questions and more are clouding consumers' minds and people do not know what is going to happen next. 

But there is one thing for sure we do know, "It is a great time to buy!" 

Anonymous
John Van Hare

My wife and I have WaMu cards, biggest crooks ever, they raise your rate to 33.99% if you are late on a payment, and you can never get free of them.  H.R. 5988 seems to be stalled in commitee, a bill to cap credit card rates at 20%.  Semms like they had the banks over a barrel and could have added that in as a stipulation for the 700 billion. Instead they just tacked on a billion or so more in pork barrel projects.  I for one am looking forward to working with Chase.  I'll bet the first thing they change is the tone of the harrasing phone calls.  Maybe it will take less than 3 months for them to change my due date for my payment, another WaMu story.  Sorry for the investors, but I, for one, am glad they are gone.  Company attitude like that only thrives if it is condoned or encouraged from the top down.

Oct 05, 2008 11:42 PM
#1
Team Honeycutt
Allen Tate - Concord, NC

Thanks for the info. Hopefully in the Charlotte area where we live, Wells Fargo will when the war for Wahcovia!!!!

Oct 06, 2008 02:28 AM