Tag: Washington Mutual

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.

Washington Mutual Down Most in 20 Years on Cuomo Suit

From Bloomberg:

Washington Mutual Inc., the largest U.S. savings and loan, fell the most in 20 years after New York Attorney General Andrew Cuomo said he found a “pattern of collusion” on mortgage appraisals linked to the company.

Bad appraisals…say it isn’t so. Which lender is next?

Are Slashdotters beginning to like Bill Gates?

I am not sure how to take this post over at Slashdot: Gates’ Resolve in Bringing Spammers to Justice. I think any major legal action (and a hundred plus lawsuits should be considered a major legal action) is a positive step for the anti-phishing movement, but I don’t think Microsoft is to blame for the epidemic. It seems some of the posters in the above referenced post agree, while others are still miffed. I want your opinion.