Filed under: Bad news, Washington Mutual (WM)

Here’s an email that was forwarded to me by a reliable source in the real estate industry. This email was sent out to a major firm’s brokers by the transaction management department (parts redacted to preserve the anonymity of the firm/individuals involved):

It appears that WAMU is going under. [A certain property] may not close because WAMU does not have the funds to close it, and the Bank that is selling will not wait any longer. Be sure agents know that WAMU may be imploding and any deals with them should explore alternative financing options just in case …

I’m not entirely sure what to make of this but even the perception that Washington Mutual, Inc. (NYSE: WM) is having serious problems could effect its market position. I seriously doubt that it is “going under” but this is an interesting email nonetheless.

The people on the frontlines of real estate financing are skeptical about deals involving Washington Mutual, which has been taking writedowns and slashing jobs and dividends

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This entry was posted on Thursday, February 14th, 2008 at 5:28 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.