"Make the loans, package the loans, sell the loans, collect the money, with a small residual for WaMu in terms of risk."
"Make no mistake, the collapse of this institution is a very big deal."
"the mistakes didn't have to be made had Congress done its job, and we failed miserably."
"I think it is going to be beneficial as we go through the process of all of these hearings in looking at what happened, and why it happened."
"When Nancy Gonseth came forward with some pretty credible material. Prior to that, it had been largely rumor."
"Because of reckless Federal policies, too many families found themselves locked into mortgages they did not understand."
"Florida, as well--where I did believe there was a significant risk because my belief was that a regional meltdown was possible."
"In other words, there would be a geographical difference?"
"So no proof of income, just a statement of income?"
"In hindsight, it looks like this was systemic activity."
"Would you think that would be important to Board members, to understand that 73 percent or 53 percent of the loans didn't qualify even under the loose standards?"
"There is no question in what Senator Levin had laid out that there, in several of the offices of WaMu, especially in Downey and Montebello, that there was fraudulent activity going on, correct?"
"Would it have been as advantageous as the relationship with Freddie Mac?"
"I thought he could stand out as the leading mortgage executive if he could blow a whistle and say, enough is enough."
"In an organization as large as Washington Mutual, with the incentive system constructed as it was, that rewarded growth rather than quality, it was inevitable that certain people would coach borrowers..."
"How important was the relationship with Freddie Mac in the bank's decision to Option ARMs?"
"If I were a shareholder in a bank that I became aware had big problems of fraud in its origination process, I would not want to own the shares of that bank."
"President Obama and the Administration do not believe that raising the gas tax is good for Americans who are out of work."
