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This mortgage crisis and these hearings are getting rather ridiculous. Anyone with half a mortgage brain understands that fraud was the basis of the mortgage and real estate boom that the U.S. expeirenced from 2000-2007. Washington Mutual was not the only lender who participated or turned their cheek to the fraud. Every single lender that has failed and or is still in operation has their hands dirty.
FRAUD ALLEGED AT FALLEN MORTGAGE TITAN: Senate investigators say they have found widespread fraud in the mortgage lending operations of Washington Mutual, the biggest U.S. bank on record to fail.
FAILURE TO ACT: WaMu’s management failed to stem the fraudulent practices despite internal probes by the bank, according to the new report by the investigative panel of the Senate Homeland Security and Governmental Affairs Committee.
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