Friday, September 26, 2008

WAMU Takes a Whoo Hoo hit

About two weeks ago I walked into the Orland Park offices of Washington Mutual to pay my mortgage ... this time a few days early. The reports were out that WAMU, as it is called, might be having troubles.

And, being the joker that I am, I told the clerk in the office, "Hi. I'm here a few days early with the check just in case you might need the help. I'd hate to come here next week and find the doors closed and you wouldn't be able to take my money."

That's when the clerk very nicely and genuinely assured me, "Don't worry. We're doing great. Don't believe everything you read in the media."

Of course, she didn't know I was a columnist and radio talk show host. I just shrugged and handed her the check wondering what would happen if a mortgage company collapses? Do they call in the mortgage?

So I went home and told my wife, Alison, and she said, "Right. Of course they are going to tell you that. That's exactly what Lehmann Brothers was telling Wall Street the week before they collapsed."

And sure enough, my hockey mom wife hit the nail on the head when WAMU collapsed last night and it was bought up by J.P. Morgan.

Don't worry Mayor McLaughlin. I ain't leaving Orland Park that easily.

-- Ray Hanania

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