WaMu, hurt by mortgage crisis, cuts 1,200 jobs

[Amerigo Vespucci]

Source: MSNBC

SEATTLE - Washington Mutual Inc., the nation’s largest savings and loan, said Thursday it slashed 1,200 jobs — about 2.6 percent of its workforce — as part of a plan to cut costs and become profitable again.

WaMu, staggering under the rising cost of delinquencies and foreclosures, said in a statement that the layoffs were made in three areas: home loans, jobs not tied to “mission-critical activities,” and positions lost as the company centralizes support functions.

The home loans layoffs come a day after WaMu announced it would no longer extend “option” adjustable rate mortgages, which offer very low introductory payments and let borrowers defer some interest payments until later years. But that interest adds up, and homeowners who only make minimum payments can end up owing more than they borrowed.

The cuts follow an earlier, more devastating round of layoffs as WaMu acknowledged the severity of the subprime mortgage crisis. In December, the Seattle-based thrift slashed more than 3,100 jobs as it shuttered its subprime lending business, closed home loan centers and pared down corporate and support ranks.

Read more: http://www.msnbc.msn.com/id/25268840/

[OhioChick]

1. K&R

:kick:

[Hawkeye-X]

2. And they fucked up my account.

Just LAST week -prompting me to close the account and move to a credit union.

Fuck WAMU.

[customerserviceguy]

4. Been there, done that.

I switched out of WaMu to a credit union several months ago. I used to live in Washington, I remember when Washington Mutual was "the friend of the family", and a decent place to bank a few decades ago. Then they went national, and everything went to hell.

[provis99]

3. naturally, no executives lost their jobs

The fuckers at the top who caused the problems for WaMu probably got a bonus, too.

[JeanGrey]

5. WAMU is nothing but fucking THIEVES! Don't ever get a

credit card from these people, they are worse than loan sharks.

[Hawkeye-X]

6. Tell me about it. WaMU has about stuck us about $2,300 at 22% interest.

Working on trying to move that interest out of the way.

[eilen]

7. I have about $43.00 balance left on that card, it

is figging crazy how hard it is to just pay off this card! I cut it up 2 months ago and keep paying the balance hoping to get it back with "0" so I can close the account. My EFT transfer is in for today.. sigh.