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WaMu - History, Too?

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Terrel L. Shields

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BTW, some report about WaMu talking with Chase. Cramer is saying that Stagecoach is more likely to buy out WaMu and the regulators will look the other way because they have to. or HSBC (is that right?) could buy it... He believes the Fed has already given them the green light to merge with someone..anyone..in order to stem the hemmorage and will drop the interest rate bigtime. And Cramer believes that that WaMu and CW are at their lows, though not without long term risk. The white knights will take them, dilute their riskiest assets and rebuild. It will also leave over 50% of all mortgage loans in the hands of 2 companies if both mergers happen.

also is saying Home Equity loans are a real dog and hurting bottom line big time.
 

Michael Tipton

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The following is from a recent article.

No one wants to pass up that kind of bargain, and there are indications that other big banks are thinking along the same lines. CNBC reported Friday morning that JPMorgan Chase (JPM, Fortune 500) has held talks with Washington Mutual (WM, Fortune 500), another lender that has been hard hit by the housing bust. WaMu recently added a billion dollars to its provision for loan losses to provide a cushion for rising defaults and delinquencies. Like Bank of America, JPMorgan is one of the few giant banking institutions that has avoided having to take big writedowns on souring mortgage-related securities bets - potentially enabling it to look to buy assets on the cheap instead.

http://money.cnn.com/2008/01/11/news/companies/barr_bargains.fortune/index.htm
 

Scott Kibler

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I guess those stuffy old bankers from the commercials will get the last laugh afterall.
 

Workbox

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One local Chase banker I talked too today, does not like it. He thinks it will create more competition branches. He also told me that they were looking at SunTrust.
 
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Another suit against WaMu was just filed in Superior Court of California.

It also names:

FIRST AMERICAN CORPORATION

FIRST AMERICAN EAPPRAISEIT (!!!!!)

LENDERS SERVICES, INC. DBA LSI

FIDELITY NATIONAL INVORMATION SERVICES, INC.

SUSAN RICHTER, AN INDIVIDUAL
 

murray stroupe

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Re;Green light

BTW, some report about WaMu talking with Chase. Cramer is saying that Stagecoach is more likely to buy out WaMu and the regulators will look the other way because they have to. or HSBC (is that right?) could buy it... He believes the Fed has already given them the green light to merge with someone..anyone..in order to stem the hemmorage and will drop the interest rate bigtime. And Cramer believes that that WaMu and CW are at their lows, though not without long term risk. The white knights will take them, dilute their riskiest assets and rebuild. It will also leave over 50% of all mortgage loans in the hands of 2 companies if both mergers happen.

also is saying Home Equity loans are a real dog and hurting bottom line big time.
================
Terrel;
One would think they checked with regulators early.

Jim Cramer was calling a bottom @CFC about $9.00 area;
later explained bottoms are put in over weeks, months.LOL So it looks like he is right & they are in a bottom area.
 

Restrain

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Having participated in a bank buyout, they announce the intent to purchase. Now, they're going to spend the next 6 months doing the due diligence. Their accountants, consultants, etc are going to be looking in the dark corners for stuff that may be hidden, trying to determine if there's any time bombs (more losses, lawsuits, etc) that will affect things. This deal is not done, and won't be done until the final approvals are obtained and the papers signed.
 

Brad Ellis

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Michael,

No one wants to pass up that kind of bargain, and there are indications that other big banks are thinking along the same lines. CNBC reported Friday morning that JPMorgan Chase (JPM, Fortune 500) has held talks with Washington Mutual (WM, Fortune 500), another lender that has been hard hit by the housing bust. WaMu recently added a billion dollars to its provision for loan losses to provide a cushion for rising defaults and delinquencies. Like Bank of America, JPMorgan is one of the few giant banking institutions that has avoided having to take big writedowns on souring mortgage-related securities bets - potentially enabling it to look to buy assets on the cheap instead.

I did not read the article but have no doubt that this excerpt is accurately reported.

However, the reporter may have one part dead wrong. A few weeks ago JPM/Chase did anothe3r massive write down and the Bloomberg radio station interviewed analyst after analyst and economist after economist and ALL said that theri holdings had now been written down to 25 cents on the dollar.

I'd call that pretty substantial. And BTW, they all still rated JPM/Case a BUY! They just have a lot of othe3r things foing on that keeps them pretty healthy.

Brad
 
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