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April 10, 2008

Washington Mutual to close?

A good friend of mine is in the banking/mortgage industry and sent me the following information:

Just a Heads Up !!!!

So we had our year end meeting with attorneys, investors, brokers, and our bankers just last week, and wrapped up today.

One of the things that stuck in my head from these meetings that I thought I would pass on to you all is:  As you all know the market is NOT at its best and will be getting even worse before getting any better.

Three Big mortgages banks and/or online firms have just gone under.  Due to bad mortgages, home loans, home equity loans & lines of credit, Washington Mutual will be closing out in 6 months or so. It may be taken over by other banks; the future is unclear at this point.

The big banks now will be B of A, Wells Fargo, City Bank, and Union Bank of California. ING Direct is still going strong and will be as told by our investor’s and banker’s. (We bank with 5 banks. Our stocks are held at Smith & Barney. Didn’t want you all to think we received this information from just one person in the industry.)

Use this information as you wish, the best thing for you to do now is to start looking into other banking institutes.

Good Luck!

I know how hard it is to deal with a bank being closed by the FDIC due to the massive defaulting of mortgages. I speak from the experience of having my former bank Netbank close in such a fashion. It’s a shock and while yes you’re insured by the FDIC to 100k, it’s hardly a consolation when you go to log on and see a public service announcement that your bank has been closed. While you might in time get to take your money out of the bank and/or gain your insurance money back, on the whole the experience is not one I’d recommend. It might behoove you to open up a second checking account in another bank outside of Washington Mutual as an additional backup.

I thought I’d pass this along to everyone, with the banking and mortgage industry being as volatile as it is at the moment, it might be beneficial to you, my savvy reader to look into the performance of WaMu as your bank.

~Kat

Filed under: Money Matters by Kat at 12:48 pm

March 31, 2008

Common courtesy seems to be something of our past.

People have allowed common courtesy to go out the window, with the advent of the belief that “I’m more important than you are”,

Things like young people not standing up on a bus to allow the aged to sit down, to driving down the freeway and being cut off by someone who absolutely must be in front of you just in case they can get to where they are going a few seconds faster.

Ever sit at a traffic light and have someone’s car thumping so loud from a sub woofer that your car shakes? They too must be much more important that you since they feel you need to listen to their music.  Oh and my favorite the people who stand there engaging in a cell phone call talking so loudly that you can hear everything they are talking about, from ex’s to sex and so on.  People we don’t want to hear your calls, that’s your business not ours.

If we all actually took a step back and thought about how our actions effect others we’d remind ourselves that common courtesy isn’t something we should let go by the way side. Take a moment to think about what you do and how it affects those around you.  Being courteous takes so little effort, so give it a try!

Have a great day!

Kat

Filed under: Life,Money Matters,Politics,Rants by Kat at 11:04 am

March 28, 2008

Little things in life do add up!

I have this one gallon apple juice jar that I save spare changed in, except for quarters since our washing machines and driers only take those.Â

In the course of a 3 month period, I sock away all my pennies, nickels and dimes. When the jar is about ½ full, I sit down, wrap them all and without a doubt I’m shocked at how much money is there.  The last time I had about forty dollars.

I add this bit of money to my stash for buying my favorite stocks, bonds and mutual funds when the market is low.  I enjoy watching these little purchases I make add up.  It’s amazing that just the little action of saving your change can result in a large nest egg over the long haul.

My mom once said that it’s the little things you do in life that add up, and I have to agree she’s right.

Have a marvelous weekend!

Kat

Filed under: Life,Money Matters by Kat at 12:24 pm
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