Posted on 10/03/2009 8:36:13 PM PDT by Kartographer
BE PREPARED. We had our mortgage through NBD some years ago, then Washington Mutual bought out their mortgage arm. Within a month of the buyout, we received what basically amounted to a financial demand. WaMu clients, turns out, were required to keep a full year’s property tax in escrow, as well as a 50% “cushion” of projected hazard insurance. At the time, for us, it came to about $2,000. Due in 30 days. The immediate refi (no way was I staying with them!) cost us less (we went with BankOne, which is now Chase) and thought that was the end of our dealings with WaMu. Not so! A year or two after that, we went to take out a home equity loan. It was held up for two extra weeks because WaMu had never released the title after the refi. I’m glad they went belly up. They had it coming to ‘em.
The bigger problem is, what happens to all of the bad loans? Wanna guess who, ultimately, picks up the tab?????
BUT... they may be paying you back with hysterically less valuable dollars as buying power erodes and inflation rip[s the economy to shreds. Ever wonder what a $1,000 hamburger tastes like? You may get tot opportunity to find out (The McDonalds $1,000) menu!)
[Raum whispers something in the Pres__ent's ear]
"Just because I've accomplished nothing -- even Fred Armisen on SNL has started to make jokes about it -- doesn't mean I've failed! As Patrick Henry said, I have not yet begun to fail!"
[thousands of alleged journalists laugh and give Zero a standing ovation]
"Oh, sorry, not Patrick Henry. That's a mistake I thought only a Bush could make!"
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