California Real Estate Fraud Report

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WaMu Trying to Dig Out of Subprime Troubles

The Mortgage News Daily reported that Washington Mutual (WaMu) is getting a cash infusion of $5 billion from private equity firm TPG, Inc. and other investors to keep it from going under. An additional $2 billion in capital received from the sale of company stock brings the total to $7 billion.

Most of WaMu’s troubles stem from its zealous entry into the subprime market and, according to New York State Attorney General Andrew Cuomo, crossing the line into appraisal fraud by pressuring appraisers to inflate the values of properties so that WaMu could squeeze more profit out of the subprime loans it was underwriting. See The F Word Blog article from January 2008.

Following the steps of Countrywide, WaMu will post a $1.1 billion quarterly loss and will begin a series of layoffs, up to 3,000. This includes the closing of all of its 186 loan offices and no longer acquiring home mortgages from independent brokers.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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