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Ex-WaMu CEO says bank shouldn't have been closed; somebody call the Whaaambulance
Topic Started: Apr 13 2010, 11:15 AM (101 Views)
jon-nyc
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Cheers
http://finance.yahoo.com/news/ExWaMu-CEO-defends-banks-apf-1881315538.html?x=0&sec=topStories&pos=5&asset=&ccode=
In my defense, I was left unsupervised.
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Kincaid
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HOLY CARP!!!
I was surprised to hear about the outright fraud. I once parked money with WaMu from our home re-fi prior to our new home purchase. Got a good rate for a checking account - just under 2% interest if I recall.
Kincaid - disgusted Republican Partisan since 2006.
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Kincaid
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HOLY CARP!!!
Quote:
 
WaMu was one of the biggest makers of so-called "option ARM" mortgages. They allowed borrowers to make payments so low that loan debt actually increased every month.


One of the things I hope the gov't has or will outlaw.
Kincaid - disgusted Republican Partisan since 2006.
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Kincaid
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HOLY CARP!!!
Quote:
 
In an episode in 2007, some of WaMu's mortgages were viewed as so suspect by American International Group Inc. that it refused to insure them and complained to both California and federal regulators, according to the Senate investigators. AIG, one of the world's largest insurance companies, itself nearly collapsed in the fall of 2008 and received about $180 billion in bailout aid from the government.


I'd like to know what the Feds did to respond to the complaints of AIG in 2007. Also, I'm curious as to which politicians benefitted the most from WaMu's political contributions leading up to their collapse.

Ah, if only George were here.
Kincaid - disgusted Republican Partisan since 2006.
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John Galt
Fulla-Carp
There are so many parts to this mess it's hard to keep them straight. I don't think there are any Cliff's Notes available yet.

Kincaid, I couldn't find anything directly related to WaMu's complaints to the Feds regarding AIG in 2007, but here's a lengthy piece on how the US Office of Thrift Supervision may have missed the ticking time bomb at AIG.

Did government drop the ball?

And more ways WaMu shot itself in the foot:

How much responsibility does WaMu bear for creating their own problems?

I'll see if I can find anything specifically relating to the 2007 incident with a little more searching...



Let us begin anew, remembering on both sides that civility is not a sign of weakness.
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