WaMu Owns 25% of Current Glendale Defaults

Goodbye, Washington Mutual. I’m not sure how long we’ll hear the name of this bank in the news. As of late this week, it had the distinction of being the largest U.S. bank ever to fail, but these days status like that can be eclipsed quickly.

The bank will continue to appear in fine print for quite some time to come, though. When I checked Property Shark today, I found that five of the 20 Glendale properties currently in receipt of default notices show “Beneficiary: Washington Mutual Bank”, bringing WaMu’s share here to 25% of current delinquencies. (Six properties listed Countrywide.) As LA Land observed about some of the properties WaMu financed, this is why it failed.

I could not find any current foreclosure sales listing WaMu as beneficiary; a backlog, perhaps?

There were six Glendale foreclosures scheduled for sale next week. Here are two at the far corners of the city:

1744 W. Kenneth Road - 2 bed/1 bath, 1,037 sq.ft., sale date: 9/29/08.  Redfin’s record shows it was last sold in May 2002 for $347,500. The outstanding loan amount (listed on Property Shark) is $470,000; the minimum bid is $490,090. (Beneficiary: Wells Fargo Bank)

4320 Dunsmore Avenue – 3 bed/2 bath, 1,620 sq.ft., sale date: 9/30/08. This was last sold in 1996 for $245,000. The outstanding loan amount is $654,400; minimum bid is $740,224. (Beneficiary: Countrywide)