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False Information about Wamu


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Posted by Dan (192.138.150.250) on February 05, 2004 at 15:18:36:

In Reply to: Bankruptcy: re credit card debt and unemployed posted by deepindebtintexas on February 05, 2004 at 14:03:27:

Citibank did NOT buy out Washingtion Mutual. Where do you get your facts? Rather, Wamu sold their Finance subsidiary to CitiFinancial, part of CitiGroup. Their Finance subsidiary makes consumer installment and real estate-secured loans. So, what Citibank bought is the loans and the right to collect on them, also called "receivables". This does NOT give CitiGroup the right to seize checking/saving accts belong to people who bank at Washington Mutual. Citbank and Wamu are still two separate corporations. So if you owe money on a Citibank credit card, they don't automatically have the ability to directly take money out of your acct. See this article for more info:

http://www.wamunewsroom.com/newsreleases/topheadlines.asp?ContentId=450



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