Washington Mutual Mortgage Foreclosures
All of the Washington Mutual mortgage foreclosures are now being handled by Chase. This is due to the failure of Washington Mutual in 2008. At the Chase website, homeowners with a mortgage from WaMu can find the necessary assistance to help them keep their homes. All Washington Mutual Online Banking has also been transferred to the Chase online banking website.
The US government saw that the WaMu bank was failing due to people being unable or unwilling to pay back their loans, mortgages and credit card debt to the point the bank was failing. The US regulators stepped in and seized control of the bank in September of 2008, and forced the sale of this financial institution.
JPMorgan Chase purchased WaMu for $1.9 billion which ended this bank’s 119 years of independence. When this occurred, Washington Mutual had $327 billion in assets and was the largest bank failure in US history.
At the present time, there is a moratorium on foreclosures at Chase. If you still have a WaMu mortgage and are worried about foreclosure, the professionals at Chase have set up a program to assist you.
The problem that caused the downfall of WaMu was their subprime lending. This, in essence, was giving customers larger loans at lower interest rates that could not afford them. This is why so many of them defaulted on their loans.
The ten day run on this bank, where customers withdrew $16.7 billion, was the trigger that required government intervention.
If you are in need of assistance, all Washington Mutual mortgage foreclosures are being handled by Chase. Please contact them for any further assistance.