Do you remember a bank called, "Providian?" Some might, depending on where they are located in the United States, as it was not a nation-wide bank. For those who do not remember, Providian was one of the leading credit-card-issuing companies in the country, until it was bought out by Washington Mutual in 2005.
In following, Washington Mutual was bought out by JP Morgan Chase in September, 2008.
Both companies were known for their high approval-rate-percentages regarding credit cards. Washington Mutual was also known for its high approval rate in home mortgages.
As a former employee of Washington Mutual, I am now known as previously working for "one of the largest banking failures in history;" a quote regularly seen in the media. Washington Mutual was not the only bank that was seized by a larger, more powerful financial corporation in the fall of 2008. Wachovia was bought out, and caught in the middle of a messy battle for ownership rights by Wells Fargo and Citibank. Wells Fargo came out on top.
These banking disasters are partial contributors to some of the economic instability that is prevalent in our society at the moment. More importantly, the refinancing mortgage of so many home mortgages has made potential home-buyers mortgage refinancing uneasy about investing their money in property.
The excessive rate of home-mortgage approvals in conjunction with Washington Mutual led to the failure of WAMU LLC and of people's ability to continue making payments on a loan they could never afford in the first place. Therefore, the sudden eruption of 'mortgage crisis's' that hit the media is the leading contributor to the surging panic people experience when debating on whether or not to invest their money in a home.
People are supposed to trust their banks. Washington Mutual could no longer be trusted as a helpful or honest lending source. Homebuyers must realize not all companies operate this way. If you are in the market for financing or refinancing your home, there are places that are dependable and will be responsible for getting our economy back on track.
Texas is a state that did not experience as devastating of a blow as some areas in the U.S. Property values in Texas are in their prime, making right now an opportune time to invest, as the values will skyrocket over the next few years.
Refinancing is very beneficial for a consumer. It can lower your interest rates, and you may simultaneously transfer all of your personal, car and home loans to one consolidator, thereby making the payment process less complicated. For more information on Texas home refinancing, visit:
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