Senate Subcommittee Investigation & Findings: WAMU carefully and willfully selected loans it would identify as likely to default to securitize them

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Senate Subcommittee Investigation & Findings: WAMU carefully and willfully selected loans it would identify as likely to default to securitize them

Senate Subcommittee Investigation & Findings: WAMU carefully and willfully selected loans it would identify as likely to default to securitize them

H/T Rob Harrington

(P. 13)

The Senate Subcommittee Investigation and Findings
Washington Mutual Bank was the largest bank failure in history. AC ¶ 10. In April, 2010, the U.S. Senate Subcommittee on Investigations initiated an investigation into “some of the causes and consequences of the financial crisis,” focusing squarely on WaMu’s origination and securitization of mortgage loans “as a case study in the role of high risk loans in the U.S. financial crisis.” Shulman Dec. Ex. A (Wall Street and the Financial Crisis: Hearing before the Permanent Subcomm. On Investigations, April 13, 2010, Hearing Ex. 1a); AC ¶ 65. The Senate Subcommittee found that “WaMu selected and securitized loans that it had identified as likely to go delinquent,, without disclosing its analysis to investors who bought the securities,” and that WaMu “securitized loans tainted by fraudulent information, without notifying purchasers of the fraud that was discovered.”

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3 Responses to “Senate Subcommittee Investigation & Findings: WAMU carefully and willfully selected loans it would identify as likely to default to securitize them”

  1. Deception and deceit is easier to prove and treble damages from what I am told.

  2. Charles Reed says:

    WaMu was the largest home mortgage lender in the country for a while and just because they don’t exist anymore the Federal Government is acting as if they were not a big part of some of these problems when they grilled these executive from WaMu and they paid these little fines.

    What about the 1.3 million government insured loan that Wells Fargo was and still is servicing for WaMu? You got this Ponzi scheme going on over at Ginnie Mae and the ruling out of South Carolina will take down the BS arrangement I been fighting with Ginnie Mae & Wells Fargo as they preformed forgeries to gain control over something that the conspirators which includes MERS.

    Folks its common since that if you don’t purchase the debt you cannot call the debt due! And there are a million loans that cannot be the underlying collateral as the party holding the blank Notes did not purchase any of the debt.

  3. project_wolverine says:

    They are denying access to the original loan files because this is really where all the fraud started and not by the borrower but by the Direct Endorsement Underwriter. The deception was two sets of loan documents within the same origination at closing. Using a shell company name similar to the name of the so called original lender and then without the borrowers knowledge transfering the mortgage to the Direct Endorsement Underwriter within the loan documents who then securitized and sold the mortgage and again deceiving the borrower by not recording the transfer of mortgage. The proof is in those original loan documents!

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