Ferrari Mailing List: Re: Banking Mess - OT NFC

[Michael James (cavallino_rapante]

I'll go out on a limb here and state that the 30Bil will go toward unloading 
existing defaults only - unrecoverable debt.  So long as you continue to 
service your own mortgage, there will be someone 'there' to collect your money 
- your loan, and your loan-service, will transfer to whoever becomes WaMu's new 
'owner'.   They will expect you to pay in-full every month regardless of who's 
name is on the bank's door.  My lender, CountryWide, was absorbed by BoA long 
ago, but my statements still say CountryWide on them - and there was ZERO 
mortgage holiday during the purchase/sale of CountryWide to BoA.  
 
If your existing funds total less than $100K, and are in accounts insured by 
FDIC, you won't have to worry.  Smart folks who had cash-money collecting dust 
somewhere bought precious metals a year ago, and are now quite happy they did.  
Mine is in the garage, is black, and has four wheels so hey.....
 
M J


--- On Fri, 9/26/08, LarryT <l02turner [at] comcast.net> wrote:

From: LarryT <l02turner [at] comcast.net>
Subject: [Ferrari] Banking Mess - OT NFC
To: "Michael" <Cavallino_Rapante [at] yahoo.com>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Date: Friday, September 26, 2008, 7:10 PM

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
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