The NYTimes.com has an excellent (and long) article on what lead to the demise of Washington Mutual, The Reckoning – WaMu Built an Empire on Bad Loans. The bank had so many bad practices it was only a matter of time it imploded.
Saying Yes, WaMu Built Empire on Shaky Loans – By the first half of this year, the value of its bad. loans." Employees in Tampa who fell short were ordered to drive to a WaMu office in Sarasota, an hour away. There, they sat in a phone bank.
WaMu Built an Empire on Bad Loans Washington Mutual, the country’s largest savings and loan bank, fell into the latter camp. The author of "The Lost Bank" has the story of the biggest bank failure in American history.
Subprime lenders in the runup to the 2008 crisis, having missed the Green Tree lesson, likewise became addicted to up-front fees and generated an astonishing number of bad loans that were. such as.
As a young man, Trump’s father co-signed his loans. Once he became famous. Over the decades, as he built his real estate empire, his relationships with lenders went from good to bad. These days,
“WaMu built its conveyor belt of toxic mortgages. inevitably led to shoddier and grossly fraudulent practices within WaMu. So bad was the fraud that when another internal wamu review analyzed the.
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Depression, the savings and loan crisis of the 1980s, and the. agencies is commendable, if ill-timed, and may be necessary to.. Goodman & Gretchen Morgenson, Saying Yes to Anyone, WaMu Built Empire on Shaky.
In September 2007, Moody's CEO described the problem this way: “What.. 105 “Saying Yes, WaMu Built Empire on Shaky Loans,” New York.
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There are many reasons for this: they may not have built up enough traditional credit history, they may have bad credit because of poor financial. personal or business loans, and frequently pay.
The collapse of WaMu under a mountain of bad mortgages was the biggest bank. of dollars on high-risk home loans, a strategy that maximized their own.. Now You Can Build Your Own Real-Estate Empire, $100 at a Time.