Was There a Loan It Didnt Like
A shareholder complaint depicts WaMus mortgage lending operation as a boiler room where volume was paramount and questionable loans were pushed through for profit.
But as a senior mortgage underwriter at Washington Mutual during the late, great mortgage boom, Ms. Cooper says she found herself in a vise. Brokers squeezed her from one side, her superiors from the other, she says, and both pressured her to approve loans, no matter what.
At WaMu it was not about the quality of the loans; it was about the numbers, Ms. Cooper says. They did not care if we were giving loans to people that did not qualify. Instead, it was how many loans did you guys close and fund?
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Posted by Carlos Sagastume on November 13, 2008. Filed under HUD Homes.
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