So what were you looking at that would not be inside that OTS 2 rating?
There is nothing to prevent them in the rules today.
The FDIC wanted to do it a lot earlier than you did, right?
You made a commitment and haven't kept it.
From your perspectives, it was a turf battle. Protecting turf.
I mean, that is your email, so pretty good evidence contemporaneously.
In other words, they did not accomplish very much.
You had the discretion to allow them to do it?
Without it being stated as being mandatory. You view that as an expectation----
They can point to them when they come to telling the folks they are supposed to regulate, Hey, this is the law, we are g...
They were ineffective.
I think the American taxpayers and the American people expect a lot more from their regulators than what we have seen in...
All right. The IG report... found that Option ARMs were 47 percent of the loans in WaMu's portfolio.
Was it important in order for you to have a basis that you have access?
That is the kind of bureaucratic speech which I think sends the message to people you regulate.
I should not have to remind you the FDIC has no role until the PFR (the primary regulator) rules on solvency.
OTS recommended to WaMu that it should compensate loan processors based on the quality of the loans that they made.
Loans were risky, were they? They had multiple risk factors layered on top of each other.
