I'm getting impatient. I WANT SUBPOENAS, OFFICE RAIDS AND FROG MARCHES. Don't you?

Washington Mutual (finally) under SEC investigation for its role in inflated and bogus home appraisals

Cool.

But what the f*ck took so long?

Wasn't it OBVIOUS that corrupt toxic lenders like WaMu, Countrywide, IndyMac and First Fed were systematically and blatantly encouraging and participating in rampant illegal mortgage fraud?

It sure was to HP'ers.

(Note - I'm short WaMu and don't see any way this pig survives, especially when they're found guilty of mortgage fraud and have to buy back all the worthless crap paper they issued. Tilt. And if you have money in a WaMu account, GET IT OUT NOW!!!)

WaMu Says Cooperating with SEC on Home Appraisals

NEW YORK (Reuters) - Washington Mutual said on Thursday it is cooperating with a U.S. Securities and Exchange Commission inquiry into the handling and reporting of mortgage loans that may have been based on inflated home appraisals.

The SEC is also looking into whether the company, one of the largest U.S. mortgage lenders, properly accounted for its loans in financial disclosures to investors, according to the Journal, which cited people familiar with the situation.

FLASH: Right on schedule, toxic-loan king WaMu melts down, on verge of failure, announces massive write-off, office closures and layoffs

HP'ers knew this toxic lender was on its way to insolvency for some time, along with Countrywide, IndyMac, First Fed and many more. They called them "liar's loans" for a reason folks. The mortgage fraud self-enrichment paper promoted and endorsed by the on-their-way-to-jail bank execs at WaMu and more just simply ain't gettin' paid back. And now they and their shareholders, near-junk bond holders and account holders will pay the price.

Memo to WaMu account holders and bond holders - GET YOUR MONEY OUT OF THIS BANK AS FAST AS YOU CAN. WAMU IS THE US's NORTHERN ROCK. And we're still just getting started.

(yes, I'm still short WaMu via July 08 puts. I don't see how it survives)

Mortgage Crisis Forces Big Cuts at WaMu - Mortgage Problems Force WaMu to Close Offices, Slash Over 3,100 Jobs and Drop Subprime Loans

Washington Mutual Inc., the nation's largest savings and loan, said Monday problems in the mortgage and credit markets are forcing it to close offices, slash over 3,100 jobs, and set aside far more than expected for loan losses in its fourth quarter. The company also said it was slashing its dividend 73 percent.