{"id":525009,"date":"2010-04-12T18:32:07","date_gmt":"2010-04-12T22:32:07","guid":{"rendered":"http:\/\/washingtonindependent.com\/?p=82031"},"modified":"2010-04-12T18:32:07","modified_gmt":"2010-04-12T22:32:07","slug":"senate-report-to-show-how-wamu-became-a-financial-%e2%80%98polluter%e2%80%99","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/525009","title":{"rendered":"Senate Report to Show How WaMu Became a Financial \u2018Polluter\u2019"},"content":{"rendered":"<p>For the Senate <a href=\"http:\/\/levin.senate.gov\/senate\/investigations\/index.html\">Permanent Subcommittee on Investigations<\/a>, it is WaMu week.<\/p>\n<p>Tomorrow, the subcommittee will release more than 500 documents on Washington Mutual, the $300 billion bank that helped fuel the subprime bubble and then collapsed in the biggest bank failure in U.S. history. It will also hold a hearing with WaMu executives, including Kerry Killinger, the former chairman and chief executive officer. Then, on Friday, the subcommittee &#8212; headed by Sen. Carl Levin (D-Mich.) &#8212; will release an investigative report, the fruit of 18 months of labor, into how the Main Street bank took on and eventually died due to Wall Street practices.<span id=\"more-82031\"><\/span><\/p>\n<p>Details about the report started to emerge today. The company decided in 2003 to move aggressively into subprime lending to bolster earnings, <a href=\"http:\/\/www.latimes.com\/business\/la-fi-wamu-inquiry13-2010apr13,0,324316.story\">ultimately<\/a> producing $77 billion in mortgage-backed securities. The company changed pay practices to prize quantity over quality. And it \u201cbuilt a conveyor belt to dump toxic mortgage assets into the financial  system like a polluter dumping toxic substances into the river,\u201d Levin <a href=\"http:\/\/www.businessweek.com\/news\/2010-04-12\/wamu-securitization-factories-fueled-crisis-senators-say.html\">told<\/a> reporters. Expect ugly revelations all week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the Senate Permanent Subcommittee on Investigations, it is WaMu week. Tomorrow, the subcommittee will release more than 500 documents on Washington Mutual, the $300 billion bank that helped fuel the subprime bubble and then collapsed in the biggest bank failure in U.S. history. It will also hold a hearing with WaMu executives, including Kerry [&hellip;]<\/p>\n","protected":false},"author":6662,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-525009","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6662"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=525009"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/525009\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=525009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=525009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=525009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}