http://www.iht.com/articles/2008/11/02/b
"'At WaMu it wasn't about the quality of the loans; it was about the numbers,' Cooper says. 'They didn't care if we were giving loans to people that didn't qualify. Instead, it was how many loans did you guys close and fund?'"
When I was working for Wells Fargo it was commonly known that Wells Fargo took due diligence in reviewing any type of financing (i.e. personal loans, lines of credit, auto loans, mortgages, etc.) and it was not easy to get it. Among other factors Wells Fargo often required a credit score of at least 700 to qualify, so if in fact you did qualify, you knew you had good credit. While Wells Fargo did also pushed for sales figures like other financial institutions, it also emphasized quality.
I have to admit that it was no surprise that Washington Mutual failed as I had been thinking for months. In fact anyone with some basic knowledge of reading financial statements and its 10-k, anyone could have easily seen its demise. In 2005 it had even purchased subprime credit card lender Providian, a sign that Washington Mutual had been taking on too much risk.
Personally I don't know but when a company releases a commercial like this, I don't take it seriously as a financial institution:
Those bad puppies almost licked all his bank account clean! Oh, wait, they did licked clean all the Washington Mutual bondholders' and stockholders' money!
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silasgtbronte- silasgtbronte
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https://www.pnc.com/webapp/unsec/Produc
I'm curious, but what do you mean by the Washington Mutual outfit? Do you mean like the uniform or a representative? You've been there haven't you? Can you tell me how different were their offices from the competition? I've heard they seem very casual like a living room.
Yes. I seek a nation-wide branch bank in which to transfer my funds. I want the free checking accounts, online bill pay, safe deposit boxes and ATM's nation wide. Banks like Chase, Bank of America, Co-merica Bank, Amegy Bank for instance. They are large but I can go to any ATM 24/7 and withdraw money without those insipid fees.
A credit union is a great place to keep money because it is local and it is supporting the local community but they are a problem when you are in some place like Dallas, Texas and you need to pull out some cash. Those fees range from $2.00 to $3.99 in some places. I do not work hard to pay for bank fees.
Washington Mutual are unprofessional in my opinion. The bank lobby looked like a store, or as you said a living room. It is a comfort thing but to me it felt like a cheesy "Mickey Mouse" bank to be honest. The staff were friendly. But it was almost too informal. I am not for stodgey banks. I think banks with staff who wear slacks and collared shirts are fine, but I do not like the forced "friendship" thing that WaMu seemed to be going after. It seems disingenuous and insincere. I am trusting these individuals to hang onto my money. Money they can use to invest with and I want to be well at ease with that before I hand it over.
Then throw in the fact that three different locations within my normal traveling circles do not have safe deposit boxes, that was a point of true contention. I want a deposit box, one I can get to easily and one that will keep what I need to put away in it safe.