Alert
Reported begining bank run on Wamu reported.
Something Happening at WAMU This Minute!
Posted on July 14th, 2008 in Uncategorized
THIS IS ALL MY OPINION BASED UPON WHAT I PERSONALLY VIEWED AT TWO LOCAL NORTHERN CA WAMU BRANCHES. I HAVE RECEIVED NO REPORTS OF THIS HAPPENING ANYWHERE ELSE OR NATIONALLY.
I was just out and noticed a line out of my local WAMU branch this morning. I then drove a few miles away and saw another branch with many people in line. I talked to someone there and they said the lines started before the bank opened and many people are sweeping their accounts. They did not say ‘everyone’ but they did say ‘many people are sweeping their accounts’.
Today is not payday or Government check day. I could be wrong but I do not think this is to open an account and get a free toaster.
To prevent runs on other regional banks holding similar mortgage paper is exactly why I think they tried to cover up the IndyMac bank seizure by calling it a bank-initiated shut down of the mortgage unit, which was essentially all they were.
This is all visual speculation on my part at this point, but in my short years on this planet I have never seen anything like this.
It is also my opinion, that WAMU is too big to fail if anything bad was happening somebody would come to the rescue. However, due to the extent of their mortgage problems and volume of subprime, HELOC and Pay Option loans on their books, a bailout might not be able to come solely from the private sector. -Best Mr Mortgage.
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