Senate probe finds fraud in WaMu mortgage lending - Spokane, North Idaho News & Weather KHQ.com

Senate probe finds fraud in WaMu mortgage lending

WASHINGTON (AP) - Senate investigators say they found that the mortgage lending operations of Washington Mutual Inc., the biggest U.S. bank ever to fail, were threaded through with fraud. And the bank's own probes failed to stem the deceptive practices, the investigators say in a report on the 2008 failure of WaMu.

The panel says the bank's pay system rewarded loan officers for the volume and speed of the subprime mortgage loans they closed on. The report says extra bonuses even went to loan officers who overcharged borrowers on their loans or levied stiff penalties for prepayment.

Chairman Carl Levin says the panel won't decide until after the hearings whether to make a formal referral to the Justice Department for possible criminal prosecution.

 

 (Copyright 2010 by The Associated Press. All Rights Reserved.)

 

 

  • Most Popular StoriesMost Popular StoriesMore>>

  • Man who confessed to Cheney pot shop murder provides information on two other cases

    Man who confessed to Cheney pot shop murder provides information on two other cases

    Tuesday, October 17 2017 9:15 PM EDT2017-10-18 01:15:17 GMT

    SPOKANE, Wash. - It's been roughly one month since a Cheney man was murdered, at random, as he ate lunch inside his car. Cameron Smith's body was recovered days after the fatal shooting. Donavon Culps provided a full confession to the killing, and now he's providing information that he says will solve two other Washington murders.

    >>

    SPOKANE, Wash. - It's been roughly one month since a Cheney man was murdered, at random, as he ate lunch inside his car. Cameron Smith's body was recovered days after the fatal shooting. Donavon Culps provided a full confession to the killing, and now he's providing information that he says will solve two other Washington murders.

    >>
  • Idaho State Police ask for help identifying bicyclist killed in hit and run crash on I-90

    Wednesday, October 18 2017 7:36 AM EDT2017-10-18 11:36:54 GMT

    COEUR D'ALENE, Idaho - Idaho State Police are asking for help identifying a bicyclist killed in hit and run crash on I-90 late Tuesday evening. The crash occurred shortly before 10pm Tuesday on I-90 at milepost 15.5 in Coeur d'Alene. According to Idaho State Police, an unknown vehicle struck a person on a bicycle in the westbound lane of travel.

    >>

    COEUR D'ALENE, Idaho - Idaho State Police are asking for help identifying a bicyclist killed in hit and run crash on I-90 late Tuesday evening. The crash occurred shortly before 10pm Tuesday on I-90 at milepost 15.5 in Coeur d'Alene. According to Idaho State Police, an unknown vehicle struck a person on a bicycle in the westbound lane of travel.

    >>
  • PHOTOS: Detectives identify woman believed to have fraudulently withdrawn hundreds of dollars

    PHOTOS: Detectives identify woman believed to have fraudulently withdrawn hundreds of dollars

    Wednesday, October 18 2017 7:03 PM EDT2017-10-18 23:03:15 GMT

    SPOKANE, Wash. - UPDATE: Detectives have identified the woman in the above photos thanks to help from the public.

    >>

    SPOKANE, Wash. - UPDATE: Detectives have identified the woman in the above photos thanks to help from the public.

    >>
HD DOPPLER 6i
/