As many of you have heard, Washington Mutual Bank(WAMU) hit a major slump on Wallstreet and was purchased by JP Morgan Chase for $1.9 billion. WAMU’s downfall was due to the mortgage crisis. The mortgage loans housed at WAMU were in default and forced the banks reserve to go into to serious default. Plainly speaking, the bank just did not have enough money in reserve to offset their loan deficit. So what does that mean for your account money? Nothing, that’s if you didn’t have over $100,000 in savings deposited in WAMU. All amounts less than $100K were federally insured and therefore are safe from being taken away. If you were a baller with over $100K in the bank, you do risk loosing a portion of your savings. Also according to Reuters, if you had good credit, this buy-out will not affect you. You will still be able to go purchase cars, homes, and any other large ticket items. Check out the video footage of WAMU’s downfall, here! (Source)

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