PrestoPundit

WaMu HAS BEEN SEIZED BY THE FDIC —

Posted by PrestoPundit on 09/26/2008

key facts:

Chief Executive Officer Kerry Killinger .. steered WaMu into subprime mortgages,
only to discover .. that the thrift was lending to many
unqualified borrowers ..

WaMu’s .. held large amounts of mortgages
made in U.S. regions where housing prices have fallen sharply, such as
California.

WaMu has $53 billion in option adjustable-rate mortgages, a type of loan particularly vulnerable to default, as well as $16.1 billion in loans made to subprime borrowers.

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