Ferrari Mailing List: Banking Mess - OT NFC

[LarryT (l02turner]

Hi Gang, 
    With all this banking/financial mess going on I am hearing/reading a lot 
about the problem at higher levels - but I hope someone can tell me a little 
bit about the more personal aspects of the problem.
    1st, I have a high Credit rating but my Home Mortgage is with WaMu which I 
hear was bought by JP Morgan and JPM will write off $30 Bil. in mortgage 
assets.  I'm assuming that means underperforming ones.
    Next, our primary bank is Wachovia which I see may be the next major bank 
to fail. Are my assets safe there?  Should I move them to my credit union?  

    BTW, are Credit Unions being affected the same as traditional banks are?  
Since they are member member owned I wonder if they are in the same target?  

Thx as always - 

Take Care,
Larry T
http://youroil.net
http://members.rennlist.org/oil/  - Oil Testing
http://members.rennlist.org/webercarbs/ - Carb & Jet Settings: