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Reply #23: From what I've read, it's the mortgage side of the company that brought it down - [View All]

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haele Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:48 PM
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23. From what I've read, it's the mortgage side of the company that brought it down -
The commercial side was still pretty solvent and might be what will allow them to get a "buyer" for the merger they're looking for.
But it was mainly the mortgages - as usual, poor quality mortgages approved way too quickly with not enough "insurance" built in for those locations that were going through a difficult economy and turning a blind eye to flippers - all around poor management there - that brought this thrift down.

What is it about Republicans and "Savings and Loan/Thrift" type organizations that makes such a toxic economic package? WaMu was considered a "Savings and Thrift" corporation, not a bank proper.

Haele
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