A trio of former Washington Mutual officials and a trove of documents on Tuesday portrayed a pattern of breakneck loan-making and alleged fraud at the biggest U.S. bank ever to fail.
Former CEO Kerry Killinger defended WaMu’s actions at a Senate hearing and insisted the government should not have seized it at the height of the financial crisis in September 2008.
Killinger argued that WaMu had adequate capital and shouldn’t have been shut down and sold for a “bargain” price of $1.9 billion. The bank “should have been given a chance to work its way through the crisis,” he testified at a hearing by a Senate panel.
At the time they closed I had three “collectors” calling me, three times (each) per day, trying to tell me I owed three times as much as I really owed. Yeah, their math was bad. Since they closed, I have received one phone call, and that was a wrong number.
If their math was that bad with my account, I can’t imagine what they may have done with people’s mortgages.




