Friday, May 22, 2009
- Co-CEOs of Golden West Financial, parent company of World Savings Bank -- a major subprime lender!
- The first housing lender to offer adjustable rate mortgages (ARMs) -- one of the easy-credit products that ending up cratering the housing market!
- Also did big business in "liar's loans" -- which require no proof of income from the borrower!
- Made a regular practice of issuing illegal, predatory loans!
- Cashed out of the housing market in 2006, just as it was starting to teeter -- selling Golden West to Wachovia and making $2.4 billion in the process!
- Because of World Savings' extensive subprime portfolio, in 2008 the housing crash devastated Wachovia -- resulting in massive layoffs and the acquisition of Wachovia by Wells Fargo at a fire-sale price!
- Described as people who deserve to be shot by Saturday Nite Live!
- Now claim they're being "unfairly tarred" by accusations of their wrongdoing!
Posted by Joe Six-Pack at 9:21 PM