Then you ordered a crackdown on early payment defaults at Long Beach, is that correct?
Should you have been?
In order to generate more sustainable, consistent higher margins within Washington Mutual, the 2005 Strategic Plan calls...
Does that mean higher interest rates?
Repeat Issue--Underwriting guidelines established to mitigate the risk of unsound underwriting decisions are not always ...
This internal investigation found that WaMu loans marked as containing fraudulent information were nonetheless being sol...
Did you have concerns about the Option ARM?
And it was not your job, it was their job, the previous panel's job?
You are out there selling these securities. Do you not have a responsibility to take steps to make sure that fraud ends?
So Long Beach was continuing to issue poor quality loans, is that fair to say?
Until then, there was a huge appetite, is that fair to say, for residential mortgages on Wall Street?
banks that find out about high rates of fraud affecting their loans and then do not do anything about them is emblematic...
You are out there selling these securities. You know there is fraud in some of these securities.
How does that happen? You have loan officers under investigation year after year after year.
Do you think your investors should be troubled by that? Should your stockholders, should anybody be troubled by that exc...
We went and purchased these loans back.
Yes.
Purchasers of these securities are relying on you as an underwriter to provide truthful information.
