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Wamu - there is a good chance they will be gone due to market panic which can just crush a company. They have a lot of bad paper, $28 billion in looming writedowns and they claim to have a capital cushion of $40 billion, they are probably lying because they don't want to cause panic. Countrywide delivered those same lies. They all lie through their teeth because they are crooks of course. Do you think WaMu is going to publicly state that they may go under? Of course not, that will be revealed at the 11th hour!
WaMu made all those liar loans in CA. All you had to do was show a pulse. I believe the L.A. Times said something like 70% of all loans made in L.A. in 2004-2006 were stated income option ARMS. I can only imagine what WaMu's loan portfolio must look like. People earning $90K said they earned $200K to buy a $650K house, then made interest only payments until the rate reset.
Location: Georgia, on the Florida line, right above Tallahassee
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Next up are the banks. All you have to do is look at the numbers: As of Monday, Wachovia's stock had fallen over the past year by 81 percent, Citigroup's by 71 percent and SunTrust's by 69 percent. And the stock of Washington Mutual, the nation's largest savings and loan, had tumbled 92 percent.
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