I assure you, every red penny going to "plug" the hole, ... never mind, the system was a hole, ... would come from your pocket. Every single one of them. And so far there is no indication there is going to be any change in the system at all, let alone bringing the corruptors to justice.
Quotes from the article:
1. Brokers often tried to bribe Ms. Cooper to approve loans, she says. One offered to pay $900 to send her son to football summer boot camp if she would approve a loan that had been declined by a host of other lenders.
2. Four months later, the loan was in default, she says. The borrower had not made a single payment.
3. WaMu executives told employees they were not making enough loans and had to get their numbers up, she says.
4. “WaMu was allowing brokers to get 6 to 8 percent off one loan,”
5. “When they went to foreclose on the house, they found it was an empty lot,”
6. “The more you fight, the more you get in trouble,”
7. "“I swear 60 percent of the loans I approved I was made to,”
8. "“Killinger pocketed tens of millions of dollars from WaMu, while investors were left with worthless stock.”
and of course
9. "The lawyer representing WaMu and Mr. Killinger did not return a phone call seeking comment."
The right enemy
5 years ago