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Loan Modification

: Mortgage Lender Implode-o-Meter

Washington Mutual created 'mortgage time bomb,' Senate panel finds

By Implode-Explode Heavy Industries

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"Before Washington Mutual collapsed in the largest bank failure in U.S. history, its executives knowingly created "a mortgage time bomb" by steering borrowers to subprime mortgages and turning the loans into securities the company knew were likely to go bad, one of the most extensive investigations into the causes of the financial crisis has found."

Full post as published by Mortgage Lender Implode-o-Meter on April 12, 2010 (boomark / email).

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