SEATTLE - Today's unprecedented move to take over billions of dollars in bad mortgage debt held by U.S. banks may end the current credit crisis and save WaMu along with it.

The nation's largest savings and loan based in Seattle with 2,230 bank branches and 6,000 employees may benefit greatly by the government's actions, according to several banking analysts.

Washington Mutual has reportedly been up for sale for several days with big banks like JP Morgan Chase &Co., Citigroup, HSBC and Wells Fargo looking into buying or possible merging with it.

But one financial analyst at UBS says if the government will take away some or all of WaMu's $19 billion in mortgage debt it could provide a lifeline for WaMu to hang on. I'm hearing it gives WaMu a 35 to 60 percent chance of forgoing a sale or bankruptcy. Such a move could allow the bank to reorganize, build back its balance sheet and pay off its debt to Uncle Sam.

In the meantime, WaMu will not officially comment on any sale or how today move to rescue banks may impact its current woes. But at least for once in several months there is some hopeful news for WaMu and its workforce.