The Learning Curve

New tricks for an old dog.

Screw WaMu credit card to wall – Ky Plan

How to screw WaMu credit card to wall – the Kentucky Plan

. . . . coming soon

February 24, 2009

It is a lot more complicated than I first thought.  Prior to September 25 , 2008, Washington Mutual Card Services of Dallas Texas was an operating subsidiary of either Washington Mutual Bank of Henderson, Nevada, or Washington Mutual Bank, FSB, of Park City, Utah.   I can’t tell which from the information provided on-line by the Treasury Department.

On September 25, 2008, the F.D.I.C. seized Washington Mutual Bank of Henderson, Nevada and Washington Mutual Bank, FSB, of Park City, Utah and sold some of their assets to Chase Bank. Shortly thereafter Washington Mutual Bank Holding Company filed for Bankruptcy protection.

Presently, the alternatives for who owns any particular credit card account administered by Washington Mutual Card Services are:

  1. The Trustee in Bankruptcy,
  2. Resolution Trust Corporation,
  3. Chase Bank,
  4. Private owners of securitized credit card debts, or
  5. some combination of the above.

Which, exactly, remains to be discovered.

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Written by Tom Fox

01/24/2009 at 5:23 pm

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