I just heard that Washington Mutual is being shut down by the FDIC and bought by JP Morgan. My mortgage is with WaMu – what do I do now?
This isn’t really a hypothetical question. I did just find out that WaMu is being shut down, supposedly tonight, by the FDIC and then JP Morgan is buying their “core” operations. And my mortgage is with Washington Mutual and I’ve got a great rate (too good to mention today) so I don’t want to take it anywhere else.
What do I do now?
A couple of things:
- Keep making my payments to Washington Mutual until I get notification of something different.
- When I get notification of something different, call both Washington Mutual and JP Morgan independently to verify that the letter is indeed legitimate.
- If I have an escrow account (I don’t), I’d be extra vigilant about making sure that the taxes and insurance are paid on time.
Besides for that, I’d go to sleep tonight and not worry about it at all. The FDIC is not only responsible for making sure that accounts are safe, they are also responsible for making sure things get transitioned in an orderly fashion.
Nothing to be worried about as an existing customer with a mortgage with WaMu.
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