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+--- Thread: So, banker types, if WaMu goes bye-bye... (/showthread.php?tid=62249)
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So, banker types, if WaMu goes bye-bye... - Will Collier - 09-16-2008
... which may happen before too much longer, per the rumor mill, I have a question.
WaMu has my mortgage, which includes a standard escrow account for taxes and insurance. They haven't paid the county or state taxes for this year yet, but they're due pretty soon now (I got my copies of the tax bills within the last three weeks).
Obviously, my mortgage isn't going to be wiped off the books if they go broke (too bad there isn't a reward for not being a deadbeat), it'll be sold to somebody else. Should I be worried that "somebody else" will miss the tax payment deadline in the ensuing thrash?
Re: So, banker types, if WaMu goes bye-bye... - Black Landlord - 09-16-2008
I have 3 mortgages with Indymac.
So far, business as usual.
Re: So, banker types, if WaMu goes bye-bye... - Black Landlord - 09-16-2008
Although . . . coworker yesterday as stressing b/c Indymac did not record his September payment . . .
Re: So, banker types, if WaMu goes bye-bye... - mikeylikesit - 09-16-2008
IndyMac was a deal cut to stop the avalanche. Didn't work.
WaMu is at least 10X the size of IndyMac, whole different story.
On to the question. WaMU has a fiduciary responsibility for funds held in trust for tax and other purposes. Misapplying those funds is a criminal act and someone goes to jail. WaMu is shaky but not for anything criminal in fact an argument could be made they are a victim as well.
I won't be he one to make that argument, I'll leave it to someone who cares about WaMu.
http://www.charlierose.com/shows/2008/9/8/1/a-discussion-about-the-takeover-of-fanny-mae-and-freddie-mac
Re: So, banker types, if WaMu goes bye-bye... - Will Collier - 09-16-2008
I'm not worried about the money being stolen by WaMu, but I am worried about the payment deadlines being missed as (if it comes to pass) the mortgage is shuffled from one bank to another...
Re: So, banker types, if WaMu goes bye-bye... - mattkime - 09-16-2008
[quote Will Collier]I'm not worried about the money being stolen by WaMu, but I am worried about the payment deadlines being missed as (if it comes to pass) the mortgage is shuffled from one bank to another...
At least you have plenty of company!
Re: So, banker types, if WaMu goes bye-bye... - rgG - 09-16-2008
[quote Will Collier]I'm not worried about the money being stolen by WaMu, but I am worried about the payment deadlines being missed as (if it comes to pass) the mortgage is shuffled from one bank to another...
I think you have a valid concern. My advice would be to keep close tabs on it, and if you find out that it didn't get sent when it should, call the tax accessor's office, or wherever it is supposed to be sent, and explain your situation. There isn't really anything else you can do at this point. It should get paid regardless of what happens to WaMu, but keeping a close eye on it can't hurt.
Re: So, banker types, if WaMu goes bye-bye... - Will Collier - 09-16-2008
I posted the same question to a different forum, got this response in an email from an actual mortgage broker:
> Homeowners are protected by the Servicing and Transfer Act which is part
> of the RESPA.
>
> As part of this regulation your current lien holder must perform the
> following prior to any sell of your mortgage;
>
> 1. Notify you 15 days before your next due date that your loan
> is being transferred. Your current servicer will mail you a "good bye
> letter" and your new servicer will mail you a "hello letter" which will
> detail the new lenders payment mailing address, your new loan number and
> contact information.
>
> 2. If your mortgage has an escrow account all taxes and
> insurance impounds that is due within 45 days of transfer must be
> dispersed prior to the transfer of your mortgage. Taxes in Lee County AL
> are due in October 1 but you have until December 31 to pay them so if
> WAMU sells the loan the taxes will have to be paid.
>
>
>
> ** If taxes are not paid in a timely manner the unpaid tax amount can
> become a lien against the property which will supercede any other liens
> on the property (your mortgage) this is unlikely but you never know so
> he needs to keep an eye on his escrow account and make sure it is paid.
Re: So, banker types, if WaMu goes bye-bye... - Jimmypoo - 09-16-2008
I pulled out of Wamu when the stock hit $3 (from $44, in just a handful of weeks).
I'd like to know which specific set of laws and regulations (deregulations?) put so many of
these banks at risk by permitting them to offer funds to less than credit worthy applicants,
and ultimately, who is responsible for doing so.
In essence, I want to know if Congress forced this upon Bush, or did a Republican Congress push this in front of Bush who was waiting for it with glee.
Re: So, banker types, if WaMu goes bye-bye... - Seacrest - 09-16-2008
J-poo,
Read this book.
And maybe Kevin Philips's as well.
And maybe Bill Fleckenstein's.