Mortgage Crisis Forces Big Cuts at WaMu

Cherry picking.

From the AP:

The company also said it will shutter WaMu Capital Corp. and rely on third party broker-dealers to sell mortgage-backed securities.

Someone will find a way to take that paper for twenty cents on the dollar, plus a double-digit equity stake in said loan originator. All kidding aside, the pattern should be clear – pass the risk off to someone else…anyone else.

UPDATE: Anyone.