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WaMu hearings: What they said

What they said Washington Mutual “used shoddy lending practices to make tens of thousands of high-risk home loans that too often contained excessive risk, fraudulent information or errors.” -- Senate investigators"Far from accelerating or expanding, as some large competitors did during this time, we were slowing and contracting faster than the market as a whole.” -- Stephen Rotella, former WaMu president and chief operating officer"At times, WaMu selected and securitized loans that it had identified as likely to go delinquent.” -- Senate investigators"Some fraudulent loans do slip through.” -- David Beck, former WaMu capital markets division headRegulators found a “culture focused more heavily on production volume rather than quality.” -- Senate investigators"I think, ultimately, some of our sales associates were terminated for their behavior that violated our code of conduct.” -- David Schneider, former WaMu president of home loansSource: Senate Permanent Subcommittee on Investigations


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