I Like Big Bucks and I Cannot Lie

What does seem to have been truly extraordinary about WaMu was the sheer brazenness of the pyramid scheme at the heart of its business model. The mortgage division did everything within its power not to originate traditional fixed-rate mortgages?pretty much the only non-predatory home loans on the market?preferring the fatter profits that came with catering to house-flippers, professional con artists, and naive first-time buyers that other lenders (even in 2004-05!) had turned away. In 2003, after an internal audit of 4,000 loans found only 950 qualified to securitize, the legal division temporarily shut down the whole business. By the time it reopened, the market had gotten so hot that standards sunk still lower. Year after year, even as housing prices surged, mortgages securitized by WaMu's Long Beach Home Loan subsidiary consistently scored among the highest default and delinquency rates in the business?worse even than Ameriquest, the subprime lender run by the original founder of Long Beach, where the movie Boiler Room was an actual part of orientation.

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