A ,,, report dated Jan. 13, 2004 by the FDIC and Washington state banking regulators reviewed 4,000 of the warehoused (WaMu) … loans and found only 950 or 25% were saleable, 800 were unsaleable and the remaining 3,245 contained defiencies “requiring remediation prior to sale.”
According to subcommittee’s findings a 2005 internal probe of two of WaMu’s most profitable branches in Montebello and Downey, California found that 58% and 83% of the loans coming out of the offices were fraudulent, meaning they lacked proper documentation or false information…