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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.

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Countrywide, Bank Of America Agreement and Plan Merger 2008

Countrywide, Bank Of America Agreement and Plan Merger 2008


Note this is incomplete but the basics:

Table Of Contents:

  • Pg. 2. 2nd Supp. Note Deed Poll, Dated 11/072008, To The Note Deed Poll Dated 4/29/05
  • Pg. 10. Bank of America Corporation on 1st July 2008 – Effective date of merger
  • Pg. 15. Countrywide and Bank Of America Agreement And Plan Of Merger
  • Pg. 116. Bank of America Corporation on 7th November 2008 – Debt Assumption
  • Pg. 127. 6th Supp Trust Deed Dated 11/07/08, 11/07/08, Modifying The Prov. Of Trust Deed 5/01/98
  • Pg. 138 3rd Supp. Trust Deed 11/07/08, To The Trust Deed Dated 8/15/05
  • Pg. 148 UNAUDITED PRO FORMA CONDENSED FINANCIAL INFORMATION
  • Pg. 163. Countrywide Financial Corporation on 30th June 2008 – Consolidated Balance Sheet for
  • Pg. 282. First Supplemental Deed Poll Guarantee and Indemnity

[ipaper docId=44612785 access_key=key-1r5gobfvmuza3pv9k102 height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)


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