In other words, there would be a geographical difference?
Florida, as well--where I did believe there was a significant risk because my belief was that a regional meltdown was possible.
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.
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.
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 shar...
Does it strike you as strange that the performance goals for the head of risk management is small risk management but sales volume and profi...
What did you intend be bold?
Well, your company is gone, and for us to get to the bottom of this, we need to know every detail.
But you did see it happening?
I would ask unanimous consent for Senator Collins' opening statement to be placed in the record.
I thought he could stand out as the leading mortgage executive if he could blow a whistle and say, enough is enough.
We here in Congress are certainly not without blame.
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.
Many banks try to isolate the risk managers from sales pressures. But at WaMu, the first performance goal for the Home Loans Risk Manager......
