Interesting article summarizing everything wrong about the mortgage / lending bubble.
But this story on how OJ Simpson was approved for a second mortgage loan is shocking:
"Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife's parents," [Fay Chapman, WaMu's chief legal officer from 1997 to 2007] recalled.
Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan.
"When I asked how we could possibly foreclose on it, they said there was a letter in the file from O.J. Simpson saying 'the judgment is no good, because I didn't do it.' "
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