WaMu Built an Empire on Bad Loans

WaMu pressured appraisers to provide inflated property values that made loans appear less risky, enabling Wall Street to bundle them more easily for sale to investors. "It was the Wild West," said Steven M. Knobel, a founder of an appraisal company, Mitchell, Maxwell & Jackson, that did business with WaMu until 2007.

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WaMu Built an Empire on Bad Loans compensation schemes at such companies as Washington Mutual ("WaMu") and American International Group ("AIG"). They argue, inter alia, that WaMu was a primary facilitator of bad mortgage debt that "built [an] empire on shaky loans."

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 · From the P-I story: New york banking giant jpmorgan chase & Co., which in September bought the branches, deposits and loans of Washington Mutual Inc. of Seattle for $1.9 billion, plans to drop the leases in six downtown office buildings now housing WaMu employees, a WaMu spokeswoman said. WaMu.

Its website also says that it has provided more than “$281 million in direct loans, credit enhancements. profit Academica chain run by the Zulueta brothers who have built a real estate empire.

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Jamie Dimon wanted Washington Mutual and he wanted it bad. The JPMorgan Chase CEO was determined to expand on the West Coast, and Seattle-based WaMu was a prime target. Dimon had a team of.

Pun went solo in 1993 and built a successful real estate business. Khin Nyunt and purged his faction. By then Pun’s empire was in trouble. In February 2003, when rumors of unreported bad loans.

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