Meth an Accepted Aid in Loan Processing at WaMu

[Hannah Bell]

...use of controlled substances was acceptable as long as they were the productivity-enhancing sort:

“I’d lie if I said every piece of documentation was properly signed and dated,” said Mr. Parsons, speaking through wire-reinforced glass at a California prison near here, where he is serving 16 months for theft after his fourth arrest — all involving drugs.

While Mr. Parsons, whose incarceration is not related to his work for WaMu, oversaw a team screening mortgage applications, he was snorting methamphetamine daily, he said.

“In our world, it was tolerated,” said Sherri Zaback, who worked for Mr. Parsons and recalls seeing drug paraphernalia on his desk. “Everybody said, ‘He gets the job done.’ ”


http://www.nakedcapitalism.com/2008/12/meth-accepted-aid-in-loan-processing-at.html

[Luminous Animal]

1. A friend of mine used to work on the stock exchange

years ago. The tales he tells of constant cocaine use, sex, and drinking before, during, and after work are both hilarious and horrific.

[leftstreet]

2. Bush: "Wall Street got drunk"

and apparently that wasn't all

[rcrush]

3. I guess meth isnt for hill billies anymore.

[Berry Cool]

4. I read the NYT story this site linked to, and here's the irony for you

The following banners for Google ads popped up on it:

Near 70? Qualify for More
Your Age Adds to Reverse Mortgage Loan Amounts. Calculate How Much!

Mortgage Rates at 5.0%
$200,000 home mortgage for $771/mo. See New Payment. No SSN Required.

In short: It's an article about people making mortgage loans to people on the slightest of incomes with no real proof required, or lying about their incomes so they were trapped into ARMs with ballooning payments they couldn't keep up with--and it's being advertised by yet OTHER charlatans STILL trying to make those kinds of loans.