Washington Mutual is telling people they are not participating in the government bailout?

Washington Mutual, the failed financial institution bought by Chase, is telling troubled homeowners that they, “are not participating in the government bailout, not reducing mortgage debt, not writing down any mortgages.”

So all the loyal taxpayers out there can rest assured that Chase took the government billions and will not be helping any of the WaMu homeowners who want to remain in there home and try to pay the market price for there home.

What the f#%* ?

So if you owe $850,00 on a home that is now worth $400,000 you will not get any relief whether it is because  of a bad loan, or predatory loan, or a tumbling real estate market. Washington Mutual and Chase would have the home go to foreclosure and sell for 200,000 instead of re-writing the mortgage at the proper appraised value.

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3 Responses

  1. Homes are worth what people will pay for them. Your home is your home. Bear that in mind every day. All the crap about house values has been a ruse to get you to borrow money, either to live better in a house you do own or to get a bigger house than you can pay for with money you have. It’s all about the loans. I appreciate your plight and have a home with a big mortgage my self. But I do focus strongly on the fact that it’s my home and what others feel it’s worth in dollars is a silly consideration. Most of those guys lost touch with what was really impotant long ago watching television commercials.

  2. I’m working on this with WaMu right now. But, Chase has a different take on this bail out. Since WaMu didn’t take any cash from the feds, they are still trying to operate and keep people from foreclosing. Short sales are an option as well, from what the idiots at WaMu told me.

    So, I’m working both angles- trying to pursue a loan modification with WaMu who will lower my interest rate and give me a 30 year fixed; while at the same time working with Chase on getting a FHA secured loan where they will reduce my principal to 90% of its current value.

  3. Its so weird because Chase owns WaMu and Chase took at least $25 Billion of the tax payers money.

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