Shakeups at Washington Mutual and Wachovia

Filed Under Credit Crunch, Credit Deterioration, Lenders With Problems 2008, Mortgage Defaults, Mortgage Delinquencies, Mortgage Implosion, Mortgage News, Mortgage Video, Subprime Implosion, Subprime Mortgage Industry, Todays Economy, Wachovia, Washington Mutual, www.wamu.com
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Shakeups at Washington Mutual and Wachovia. Roundtable Discussion with Andrew Seibert of Nextier Wealth Management and Forbes CEO Steve Forbes.

Washington Mutual shares are down after Kerry Killinger stepped down as chairman. Shares of Wachovia are falling below it’s lowest value in almost 13 years after Ken Thompson was ousted.

Chairman Lanty Smith has been appointed interim CEO. Is this new management what these companies need to get back on track? Are there more troubles for financials?

I think their values will go lower until they get a feel for who will take over. There are probably more Writedowns to come.

These banks have not gone beyond the problem of the Subprime Mortgage Industry and there is possibly another shoe to fall.

If the Credit Deterioration continues, there will be many more problems.

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