wamu may equal chase, read and pontificate

[Anonymous]

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Helena_313 wrote:

specultr - can you maybe explain how you interpret "let the subprime stuff run off but keep the near-prime and prime"?

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i think we'll have to let chase break the news to us. i'm hoping my 5k starbucks that started out as 200 bp store only makes the grade. i just put 4k on it at 3.99 for life.

[TangMeister]

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@Anonymous wrote:

http://files.shareholder.com/downloads/ONE/424657304x0x236634/b5a3d70a-28ac-4148-8966-71b18408c8c3/JPM_WManalystpresentation.pdf

look at page 10 or 11

Consumer lending--

 -- Run-off existing home lending and sub-prime credit card portfolios.

(I think this means that they are going to sell them. But to whom???)

 -- Exit all non-bank branch retail lending

 -- Future originations to Chase standards

Message Edited by specultr on 09-25-2008 07:27 PM

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I'm sure someone in banking can answer this easily, but to me, "run-off" probably means examining and sorting the stuff they want from the rest, and disposing of the rest through selling off (mtg's) or canceling (cc's).

[TangMeister]

What's interesting about that statement, is the "sub-prime" in front of credit cards. Does Chase really view ALL of WaMu's CCs issued as sub-prime? Or maybe it was just a "dig" at their former CC competitor one last time? Doesn't seem to be any mention of any "other" type of WaMu CC grouping, so I assume that's a blanket reference with a slap built in.

[Anonymous]

Sell off is the answer. Or turn it over to someone else but who's going to take subprime debt at this point?

Barclay's...phone call on line 1.

[Anonymous]

x

[TangMeister]

Ah, thanks...I didn't hear the conference call. I was just looking at the .pdf bullets. Shew!

Message Edited by TangMeister on 09-25-2008 07:47 PM

[Anonymous]

Which of wamu cc are considered prime or is it a case by case basis depending on your credit score?

[Anonymous]

x

[TangMeister]

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@Anonymous wrote:

Which of wamu cc are considered prime or is it a case by case basis depending on your credit score?

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Don't know if WaMu's system flags it internally or not. Regardless, it probably will be examined using Chase's definition of Prime vs. non-Prime. I'm sure all of us with WaMu CCs are in for some soft pulls from Chase in the coming months.

[Anonymous]

I have only had my wamu visa for around 8 months.  I have good history but my credit report is not clean so i know that im definitely not up to chase standards yet.  I just barely squeaked in the door with my BofA mastercard 500cl (unsecured).  I guess my wamu will probably go bye bye. It really makes me sad because they were the first to give me a chance when i started to rebuild.  Its been a good card to me.  got a cli at 6 months.