FDIC OIG Report: Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Department of the Treasury, Federal Deposit Insurance Corporation, Report No. EVAL-10-002 April 2010

Categorized | STOP FORECLOSURE FRAUD

FDIC OIG Report: Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Department of the Treasury, Federal Deposit Insurance Corporation, Report No. EVAL-10-002 April 2010

FDIC OIG Report: Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Department of the Treasury, Federal Deposit Insurance Corporation, Report No. EVAL-10-002 April 2010

April 9, 2010

John E. Bowman, Acting Director
Office of Thrift Supervision

Sheila C. Bair, Chairman
Federal Deposit Insurance Corporation

This report presents the results of our review of the failure of Washington Mutual Bank (WaMu), Seattle, Washington; the Office of Thrift Supervision’s (OTS) supervision of the institution; and the Federal Deposit Insurance Corporation’s (FDIC) monitoring of WaMu for insurance assessment purposes. OTS was the primary federal regulator for WaMu and was statutorily responsible for conducting full-scope examinations to assess WaMu’s safety and soundness and compliance with consumer protection laws and regulations. FDIC was the deposit insurer for WaMu and was responsible for monitoring and assessing WaMu’s risk to the Deposit Insurance Fund (DIF). On September 25, 2008, FDIC facilitated the sale of WaMu to JPMorgan Chase & Co in a closed bank transaction that resulted in no loss to the DIF.

Section 38(k) of the Federal Deposit Insurance Act requires the cognizant Inspector General to conduct a material loss review (MLR) of the causes of the failure and primary federal regulatory supervision when the failure causes a loss of $25 million to the DIF or 2 percent of an institution’s total assets at the time the FDIC was appointed receiver. Because the FDIC facilitated a sale of WaMu to JPMorgan Chase & Co without incurring a material loss to the DIF, an MLR is not statutorily required. However, given WaMu’s size, the circumstances leading up to WaMu’s sale, and non-DIF losses, such as the loss of shareholder value, the Inspectors General of the Department of the Treasury and FDIC believed that an evaluation of OTS and FDIC actions could provide important information and observations as the Administration and the Congress consider regulatory reform.

Click image to contiue…

© 2010-13 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com


DONATE

Comments

comments

Related posts:

  1. Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation on Problems in Mortgage Servicing from Modification to Foreclosure, Part II Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation...
  2. Indymac depositors get another shot at retroactive deposit insurance Ryan Carter Posted: 05/27/2010 04:23:20 PM PDT Local lawmakers Thursday...
  3. FDIC to sue 3 former WAMU executives for $1 Billion FDIC to seek $1B from former WaMu execs Puget Sound...
  4. LETTER: American Association of Bank Directors To Sheila Bair “FDIC Should Stop Interfering with Bank Directors’ Rights to Defend Themselves” LETTER TO THE HONORABLE SHEILA C. BAIR, FDIC December 22,2010...
  5. Could WAMU/ JPMorgan Chase Foreclosures be invalid? This is going to raise questions on how this has...

This post was written by:

- who has written 6848 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

One Response to “FDIC OIG Report: Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Department of the Treasury, Federal Deposit Insurance Corporation, Report No. EVAL-10-002 April 2010”

  1. Bill Bookout says:

    Santa Barbara Bank & Trust fraud is seen at www sbbtfraud.com it is unfortunate tha Oceano Nursery has had to close from SBBT actions!

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
RR Compliance Consulting Inc was established to provide training and support services to the Loss Mitigation Consulting Community.  There is a huge void in the market for this training since those who are truly practicing in the field have neither the time nor interest in providing this training.
Jamie Ranney, www.NantucketLaw.pro
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com
Damian Figueroa, South Florida Realtor, Real Estate Agent
Susan Chana Lask, www.appellate-brief.com

Archives

Please Support Me!

All Of These Are Troll Comments