Mortgage underwriter tells all about WaMu

I too worked at Wamu in the loss mitigation department and we were told to give all clients the runaround unless they were from a law firm or Professional Loan Modifications we were instructed to get rid of them. Their practices were the most ridiculous I've ever seen

I underwrited auto loans for Wells Fargo Financial for 3yrs. We used the term "bury em" daily in the office. Didn't matter the credit, people would always pay for their cars, charge double digit rates and bury the customer in a car they couldn't get out of - unless they came back to you to bury them into a new car rolling the deficiency. Its always beeen about greed.

WAMU was one of the largest predatory lenders to cause this mess. Brokers that would try to bribe an underwriter should have been cut off so they could not send any more business to them. This would have helped the industry because one by one these brokers would have been cut off and put out of business. I know wholesale lenders that used to shred packages with fraud and send back the pieces. When fraud was found, most other wholesale lenders would just return the package so the loan could be sent to another investor instead of protectiing the integrity of the business. Countrywide branch managers had underwriting authority, not hard to see why they had very few denials.