We have some money in a Wamu checking account, and an equity loan. Since the word is that Wamu is teetering , what should we expect to happen to the checking account money and the equity loan? Specifically: * If they get bought up, will we lose anything? * If they simply fail, will we lose anything? * Does it make sense to yank our checking account? * What happens to your loan when your lender folds? (I know you don't get off the hook, I just want to know if there are action i

Filed under: Mortgage servicing ACC Capital Holdings sent shock waves through the mortgage industry when it announced yesterday it was closing 229 of its Ameriquest retail branches and laying off 3,800 of its 11,000 workforce.  Ameriquest is one of the largest sub prime lenders focusing on poor people and people with bad credit ratings.  ACC wants to cut costs and stay competitive in a mortgage industry that's slowing down as interest rates rise and home sales slow. Ameriquest settled an investigation in January started by investigators in 49 states.  The heavy-handed sales tactics of some of its agents was questioned.  Ameriquest agreed to pay $325 million and change its business practices to settle with the states.