"Many banks try to isolate the risk managers from sales pressures. But at WaMu, the first performance goal for the Home Loans Risk Manager... is growth."
"the mistakes didn't have to be made had Congress done its job, and we failed miserably."
"Make no mistake, the collapse of this institution is a very big deal."
"We here in Congress are certainly not without blame."
"I thought he could stand out as the leading mortgage executive if he could blow a whistle and say, enough is enough."
"I would ask unanimous consent for Senator Collins' opening statement to be placed in the record."
"But you did see it happening?"
"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..."
"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?"
"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?"
"I applaud President Obama for wanting to make more steps towards transparency, but I would caution him..."