Saying Yes, WaMu Built Empire on Shaky LoanswritePost();new_york_times:http://www.nytimes.com/2008/12/28/business/28wamu.html [Photo][Photo]
By PETER S. GOODMAN and GRETCHEN MORGENSON Published: December 27, 2008 “We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.”
“It was just disheartening,” said Sherri Zaback, a mortgage screener for Washington Mutual. “Just spit it out and get it done. That’s they wanted us to do. Garbage in, garbage out.” The Reckoning Mortgage Factory Articles in this series have explored the causes of the financial crisis. Previous Articles in the Series » Multimedia Video Washington Mutual ‘Power of Yes’