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?

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 to meet the minimums.

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.

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.

Well, your company is gone, and for us to get to the bottom of this, we need to know every detail.

Mr. President, it has been 2 weeks since we last spoke on the floor on this issue. There has been a lot written in the press and a lot of things that have been said. I will reiterate what I said earlier in that debate before we took an…

Mr. President, so what are we going to do? We have before us a need. It is a good need. It is something we ought to do. We are going to borrow 43 cents out of every dollar we spend this year. We are going to put the Madelines of this world…

the mistakes didn't have to be made had Congress done its job, and we failed miserably.

What did you intend be bold?

Does it strike you as strange that the performance goals for the head of risk management is small risk management but sales volume and profit?