WaMu offering 5% 1 year CD's......hmmmmm
Washington Mutual the king of suprime and ALT-A loans is currently offering a 5% 1 YEAR CD for those of you looking for a place to stash your cash in this ever changing world without credit. If your a prospective home buyer in 2 years after we have reset to 2002 prices and have the cash to put down on a house that the stupid sellers chasing the market down do not (and rightfully will not) ever get for a bloated box of made of sticks this might be something to investigate.
One note is that Indy Mac was offering a similar offer back in June, a couple weeks before the FDIC did a friday closing and reopening as INDYMAC Federal Bank. Deposits are insured up to $100,0000. Again....just saying....
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3 comments:
Probably the last ditch effort they can try to do before they go under.
Capital at any means necessary...
http://www.latimes.com/business/investing/la-fi-fraud26-2008aug26,0,7295330.story
MD Ranks 3rd in nation (tied with Illinois and Michigan) in mortgage fraud, after CA and FL.
Should put some downward pressure on prices eventually .... right?
Obvious asset gathering.
At least 1 more large bank has to fail, and personally, I think it'll be one of the Ws (WM or WB). I really think both will disappear (in their current forms) but at least one of them is going under.
I'm all for real (inflation adjusted) returns, but let's face it, even -2% in an online savings account (roughly using CPI as our inflation figure) beats the "wealth" destruction being faced by the average American, especially those without significant (if any) savings. That's without factoring in debt.
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