WaMu Built an Empire on Bad Loans
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compensation schemes at such companies as Washington Mutual ("WaMu") and American International Group ("AIG"). They argue, inter alia, that WaMu was a primary facilitator of bad mortgage debt that "built [an] empire on shaky loans." 12. Question 2 . Meanwhile, AIG exacerbated the problem by insuring the repackaged mortgage debt in
· The fall of America’s sixth-largest bank, Washington Mutual, which built an empire based on reckless lending, exemplifies these failings. As the housing boom heated up, WaMu raced after a piece of the action at all costs. Its supervisors chastised loan officers who tried to verify suspicious claims on mortgage applications.
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Ex-WaMu worker claims he was shunned for refusing to push toxic loans on borrowers December 22nd, 2011 In the case of the salesman who wouldn’t sell, the two sides have starkly different tales to tell.
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Washington Mutual is a great place to work for people who are starting out in the banking business. There are great opportunities for advancement but now a days it’s getting harder with the mortgage crash and consolidation they’re doing. A lot of people lost their jobs. Other than that, Washington Mutual is a innovative and progressive company.
Problems in WaMu’s home loan business began to surface in 2006, when the bank reported that the division lost $48 million, compared with net income of about $1 billion in 2005.
The Times has an amazing article today, By Saying Yes, WaMu Built Empire on Shaky Loans, about Washington Mutual’s loan decision-making process. The article describes how one now-jailed supervisor kept drug paraphernalia on his desk, claims by borrowers were rarely confirmed–no matter how outrageous, and loans were made to many unqualified borrowers.
Washington Mutual Bank, affectionately referred to as WaMu for decades, used to be the largest savings and loan financial institution in the United States until its spectacular collapse that occurred at the height of the financial crisis in 2008.
Lowell Harriss, History and Policies of the Home owners’ loan corporation, NBER, 1951 (Summary and background) 5. Kroszner , The Political Economy of the Reconstruction Finance Corporation’s Bail-Out of the U.S. Banking System During the Great Depression