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Originally Posted by timmgirvan
I read today that WaMu might be the next big bank to close!
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Wamu went on a major bank buying spree earlier in the decade and now they are disintegrating under the weight of all of the option arms they put out there.
The option arm kings were Countrywide, Wamu and Golden West (bought by Wachovia).
Alt A negatively amortizing paper on collateral that is decreasing in value.
Just a matter of time.