Reply #12: When JPM Chase purchased WaMu, it was at the urging of ...

[aggiesal]

the US government. If WaMu had failed the FDIC would not have had enough
money to cover the WaMu customers deposits, and the FDIC would have, in
theory, gone bankrupt.
WaMu was largest bank failure at the time.

Now JPM Chase bought WaMu at 10 cent on the dollar. In other words,
JPM Chase only paid 10% of what WaMu was worth. JPM Chase agreed to
the purchase as long as they didn't have to buy the bad loans. So, JPM
Chase bought my mortgage for 10% of it's worth.

The day that sale was announced, I went into my WaMu bank and asked
the loan officer, why I was not offered to purchase my mortgage at 10%?
I would have offered 15%. I could have offered as much as 25%.

I was told that JPM Chase also bought the bad loans, but every report I read
mentioned that JPM Chase would not have purchased WaMu if they had to
buy the bad loans.

These are the bad loans that the government now wants to unload.