Sunday, November 2, 2008

So Much for Greenspan's Mythical Self-Regulating Market

Via HuffPo

WaMu Loan Officers Punished For Not Approving Dubious Loans

AS a senior mortgage underwriter, Keysha Cooper was proud of her ability to spot fraud and other problems in a loan application. A decade of vetting mortgage documents had taught her plenty, she says.

But as a senior mortgage underwriter at Washington Mutual during the late, great mortgage boom, Ms. Cooper says she found herself in a vise. Brokers squeezed her from one side, her superiors from the other, she says, and both pressured her to approve loans, no matter what.

Read the whole story here.

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