And those were high risk?
Did that surprise you? Did that trouble you, that suddenly delinquencies hit very hard?
You have an obligation to tell your purchasers as an underwriter complete and truthful information.
Thank you very much, Senator Coburn.
You did execute on it for about a year, a year and a half.
A lack of controls for fraud, according to this report--this is your own internal report--has existed for some time.
Would selling those mortgages for that reason trouble you without disclosing that to investors?
Now, the fraud problem is not limited to Montebello and Downey.
Were they notified that there was a billion-and-a-half dollars in loans that were selected because they were Option ARMs...
Look, Mr. Beck, those emails talk about delinquencies, delinquencies, delinquencies.
Were you aware, first, Mr. Rotella, that WaMu employees were cutting corners and even engaging in fraud to meet volume d...
You executed on a bunch of high-risk products.
Do you remember saying that we should think seriously about getting rid of these Option ARMs?
You were aware of it at the time?
Based on the consistent and pervasive pattern of activity among these employees, we are recommending firm action be take...
And that was your responsibility to make sure that the securities which went out to the investors were following notice ...
Are my numbers accurate?
We are talking about these emails, Mr. Killinger.
