According to recent numbers, J.P. Morgan (the company that purchased Washington Mutual) now has the highest percentage of 2nd lien loans such as home equity lines of credit (HELOCs). A recent Seeking Alpha article reports: “For now, let’s realize that the JPM/WaMu combo has the highest concentration of 2nd lien loans (and Option ARMs) in [...] [...more]
After weeks of rumors and speculation, it finally happened – Washington Mutual fell and was promptly purchased by financial giant J.P Morgan. Market Watch reports: “Late Thursday, J.P. Morgan announced an agreement to buy WaMu’s banking subsidiary after the nation’s largest thrift was seized by the Federal Deposit Insurance Corp. In a presentation on its [...] [...more]
Washington Mutual got a new CEO this week – a leader that is now faced with cleaning up a messy portfolio of non-performing mortgages and clients walking away from their debt. On the top of the heap is a whopping $60 billion in home equity loans (including home equity lines of credit). WaMu has already [...] [...more]
Earlier this week, Washington Mutual announced that it will no longer offer Mortgage Plus loans. Previously, these loans were use to combine traditional mortgages with a HELOC option. Forbes.com reports: Washington Mutual late Wednesday said it will commit an additional $1 billion to a fund intended to help eligible subprime mortgage borrowers and that it [...] [...more]
Washington Mutual just finished sending out the last of their HELOC freeze notices. The damage: customers have lost the opportunity to draw on $6 billion from home equity lines. We reported on this story earlier, but the total extent of the line freezes was not known at that time. Housing Wire explains the latest: “Washington [...] [...more]
Washington Mutual customers may want to keep an eye on their mailboxes this week, as more HELOC freeze notices are on their way. According to the San Francisco Business Times, WaMu is sending out an undisclosed number of new line reduction letters: “Washington Mutual, Inc. has slashed or suspended $6 billion in available home equity [...] [...more]
Several borrowers are reporting that Washington Mutual (WaMu) is still sending out HELOC freeze and reduction notices. A Los Angeles Times blog gives this account: “Last week a Realtor in San Diego wrote, ‘Just after I made a large payment of $10K (only $350 payment was due), they took away all of my credit line. [...] [...more]
There are several Washington Mutual HELOC loans available. Use this article to learn about WaMu HELOC options and terms. Washington Mutual HELOC Basics Lender Type : major bank Website : www.wamu.com/personal/loans/home_equity Phone Number: 877-551-2740 Washington Mutual HELOC Programs The general WaMu HELOC offers a draw period of 10, 20, or 30 years. WaMu offers a [...] [...more]
