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In a tweet, he said: "Added up, this means that 97% of their stories on me are bad. Never recovered. to turn a small loan from his father into his fortune. "My father gave me a very small loan in.
· By theWaMu for its annual meeting in Seattle last April, WaMu had posted a first-quarter loss of $1.14 billion and increased its loan loss reserve to $3.5 billion.
"Washington Mutual built. loans they couldn’t afford by offering enticing low initial payments followed by much higher payments based. The company also securitized loans that would likely have gone.
The bad news. s empire already on shaky ground financially, that action by regulators may have been the decisive blow. In the past three years, Dade Medical received more than $100 million in.
WaMu Built an Empire on Bad Loans The Home Equity Theft Reporter: S. Florida Lawyer Gets Jail Time For Hijacking $1.6M In Real Estate Closing Funds Earmarked For Mortgage Loan Payoffs; Title Insurer Left Holding Bag
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With its base in Spokane and the newly acquired Pullman Savings and Loan adding a presence in Pullman, Citizens Savings and Loan represented an opportunity for Washington Mutual to expand into eastern Washington, but banking legislation at the time did not permit a mutual bank to merge with a savings and loan.
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With bad loans eating away at the bank’s capital, Dubose scoured the Panhandle for investors willing to prop up his sagging enterprise. In March 2009, he convinced his board of directors to set up a separate company and borrow $2.5 million from the Bank of Bonifay, another Panhandle institution that failed during the recession.