Resolved Question: Still think the mortgage crisis is solely the fault of the borrower or Congress? What about WaMu?

13 April 2010, 6:15 am

According to a Senate Report released today, Washington Mutual, one of the largest originators and purchasers of adjustable rate mortgages, did the following things during the "boom years" of 2006 and 2007: *Sales associates in WaMu offices in California fabricated loan documents, cutting and pasting false names on borrowers' bank statements. *Two top producing offices -- in Downey and Montebello, Calif. -- had levels of fraud exceeding 58 percent and 83 percent of the loans. *Extra bonuses went to loan officers who overcharged borrowers on their loans or levied stiff penalties for prepayment. *Then "WaMu 'dumped the polluted water' of toxic mortgage securities into the stream of the U.S. financial system" by repackaging and selling fraudulent mortgages. Do you still believe that the banks were the victims, not perpetrators of the mortgage crisis? http://finance.yahoo.com/news/Top-exWaMu-executives-come-apf-1881315538.html?x=0&sec=topStories&pos=2&asset=&ccode=... Read More »

More Topics from "Answers"

• Resolved Question: help making a amine club?
• Resolved Question: Does anyone know about any haunted places in Southern California?
• Resolved Question: i need a job someone please help?
• Resolved Question: Who sells Tazo Giant Peach bottled tea by the case in Downey, Bellflower or Norwalk area (California)?
• Resolved Question: Does anyone know of a good hairstylist in Los Angeles?
• Resolved Question: California - ticket for using telephone!?
• Resolved Question: I need help bad. Please if anyone can help!?
• Resolved Question: How long does it take to switch schools in the same city?
• Resolved Question: Earthquake????????????????????????????????????????????????????????