You know that if you're running into problems with your mortgage you should contact your servicer, right? Well, best hope your servicer isn't WaMu:
Over the past six months I have been disconnected more times than I can count while navigating their 866 "customer service" number... I have written letters to the members of their Board of Directors without any response. I have contacted officials, Senator Frank Lautenberg and Congressman Rodney Frelinghuysen whose attempt to contact the bank on my behalf have also gone ignored...
After six months, I recently received a phone message with a first name and extension to call. Upon calling the number (you STILL have to navigate the 866 "customer service" AND the probability of being disconnected is high) I reached an answering machine with a message that says you can ONLY leave one message and you will receive a call back within 24 hours... not so. I have found myself going back and forth waiting for a reply call to actually talk to a human only to receive another denial of the proposal I resent. This latest letter (received today, Friday) was dated BEFORE the recent phone call.
After finally getting through the "customer service" for Wa PU I spoke to a loan person who basically told me my file was closed in Feb. and everything I had sent after that was for nothing and oh by the way they are selling my house in June...
The good news is that after this person was given the contact details for WaMu's Executive Response Team, things got much better. But it's quite obvious that WaMu is utterly incapable of dealing with the volume of defaulted mortgages it's facing. And I'm sure other lenders are in the same position.
Chuck
Killinger is a piece of crap. He is still as arrogant as ever and lives in denial, blaming everyone else for WaMus woes.
Big deal- so he isn't the top dog now- he still has a major say. He should have been canned months ago.
And the WaMu Board? They don't care a bit.
See how tough it is for the two commentors posted below to get any response from WaMu's customer service? Imagine how many times more difficult it is to get an honest answer from WaMus Board.
They are theives, liars, charlatans and whore-mongers.
Hey, you sleep with scum, you wake up with it.
If you have an adjustable rate mortgage then you are getting what you deserve for being so gullible.
1. After giving notice to employees in NY, then giving them offers to work in FL, causing them to move at their own expense. WaMu shut down the business line within months of the employees relocation and left the employees with a double wammy.... ----> Executives should be axed for this....
2. In recent news WaMu may have given preferential treatment to a congress person in California.... What about the average borrower that hits hard times? sure they wouldnt get the same preferential treatment. ----> Executives should be axed for this....
3. Flawed systems, such as a POS that automatically processes a customer loan if to many fields are completed.... unknowingly to the borrowers,,,,, until they get an approved or denial letter in the mail..... but then again no system at wamu really does what it is supposed to,,,, in fact, it is the company of workarounds.... you would think that in the banking industry there would be organization and procedures for processes,,,, try getting any set of operating instructions from any area of the company and then watching how several people do the job,,,,, absolutely no consistency especially when you compare site to site.... ----> Executives should be axed for this....
4. Defaults are on the increase and will likely continue,,,, so one has to wonder if they have a full understanding of how much bad debt they really have on their books. One analyst recently noted that they may not return to making a profit until 2010, Im guessing they wont make it that long as things continue to unravel at the company inclusive of decreased application volume, increasing defaults, bad consumer debt on the companies entry into the unsecured debt market,,,, in the excitement of pushing this area of their business and giving unsecured debt out so liberally,,,,, they will now have to deal with increasing issues here resulting in more red ink to the company,,,,, ----> Executives should be axed for this....
5. They hired the credit risk executive from Countrywide.... can you say Wahoooo,,,,, lets hire the person that put Countrywide in so much trouble.....
It all comes down to the leaders of the company,,,,before you can fix it TPG or whoever decides to buy WaMu on the cheap,,,,, knock out the executives, then build upon the new management talent to create a new plan for the future and build out / execute..... Till then if you think WaMu cant go any lower,,,,trust me it can and will go bankrupt if they dont get a buyer and management that knows how to run a company......