CongressionalHearings/Dodd-Frank/CHRG-111hhrg53238/CHRG-111hhrg53238--36.txt Mr. Chairman , MBA looks forward to working with the committee on new consumer protection and regulatory modernization legislation as these proposals develop . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--248.txt Mr. Schneider , '' I think that is primarily true because Long Beach tended to originate higher credit risk assets than other subprime mortgage originators . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--402.txt Mr. Beck , you send an email early in the morning , 7:17 a.m. Subject , Re Option ARM Delinquency to Ms. Feltgen and to Mr. Schneider , making a plan to supply loan-level detail and coordinate with finance . CongressionalHearings/TARP/CHRG-110shrg50416/CHRG-110shrg50416--169.txt The interest rate charged will not be greater than the current Freddie Mac Weekly Survey Rate at the time of modification . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--6.txt Another key component of WaMu 's higher-risk strategy involved efforts to increase the company 's exposure to the subprime market . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--220.txt In the second half of 2006 , as part of Mr. Schneider 's changes to the management at Long Beach Mortgage , I was given responsibility for Long Beach 's capital markets organization . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--531.txt The issues involve inadequate -LSB- early payment default -RSB- provisions and marks on residuals ... -LSB- I -RSB- n a confidence sensitive industry it will be 2310 2311 2312 Id . CongressionalHearings/Dodd-Frank/CHRG-111shrg56262/CHRG-111shrg56262--90.txt Overreliance on Credit Ratings -- Poor disclosures and overly complex deals caused investors to over rely on credit ratings . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--86.txt 259 8/20/2007 `` Long Beach Mortgage Loan Origination & Underwriting , '' WaMu audit report , JPM_WM02548939 , Hearing Exhibit 4/13-19 . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--80.txt 221 4/17/2006 WaMu memorandum to the Washington Mutual Inc. and WaMu Board of Directors ' Audit Committee , `` Long Beach Mortgage Company - Repurchase Reserve Root Cause Analysis , '' prepared by WaMu General Auditor , JPM_WM02533760-61 , Hearing Exhibit 4/13-10 . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--147.txt 547 It was also an opportunity to meet WaMu 's top executives , including Mr. Killinger , Mr. Rotella , and Mr. Schneider . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--218.txt When the mortgage-backed security -- when Fannie Mae packages the mortgage-backed securities , the Fed is a principal holder of mortgage-backed securities . CongressionalHearings/TARP/CHRG-110shrg50417/CHRG-110shrg50417--153.txt The percentage depends on the borrower 's income level -- higher income borrowers are allowed to have higher percentages . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--19.txt B. High Risk Mortgage Lending The U.S. mortgage market reflected many of the trends affecting the U.S. financial system as a whole . CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--593.txt Now , in your statement , Mr. Killinger , you described how the Office of Thrift Supervision was on site at WaMu and approved of WaMu 's actions , like the decision to raise additional capital . FCIC/FCICFinalReport/fcic_final_report_full--496.txt Fannie Mae , `` Opening Doors with Fannie Mae 's Community Lending Products , '' 1995 , p. 3 . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--42.txt Federal bank regulators took until October 2006 , to provide guidance to federal banks on acceptable lending practices related to high risk home loans . FCIC/FCICFinalReport/fcic_final_report_full--503.txt -LSB- I -RSB- t appears a large portion of the housing sector 's growth in the 1990 's came from the easing of the credit underwriting process ... . CongressionalHearings/Dodd-Frank/CHRG-111hhrg48867/CHRG-111hhrg48867--32.txt These loans are defaulting at unprecedented rates , and I believe will ultimately cost U.S. taxpayers $ 400 billion . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_21,_2009_Fed_Reserve/CHRG-111hhrg53244--269.txt Mr. Minnick , '' Mr. Chairman , I wanted to return to the next shoe to drop and the chairman 's concern about commercial real estate . CongressionalHearings/Dodd-Frank/CHRG-111hhrg54872/CHRG-111hhrg54872--163.txt Mr. Castle is right , a relatively small number of the bad subprime loans were made by depository institutions subsequent to the Community Reinvestment Act . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--267.txt 1035 Percent of the Original AAA Universe Currently Rated Below Investment Grade Vintage Prime Fixed Prime ARM Alt-A Fixed Alt-A ARM Option ARM Subprime 2004 3 % 9 % 10 % 17 % 50 % 11 % 2005 39 % 58 % 73 % 81 % 76 % 53 % 2006 81 % 90 % 96 % 98 % 97 % 93 % 2007 92 % 90 % 98 % 96 % 97 % 91 % Source : BlackRock Solutions as of February 8 , 2010 . FCIC/FCICFinalReport/fcic_final_report_full--198.txt Indeed , the law allowed both Fannie Mae and Freddie Mac to fall short of meeting housing goals that were `` infeasible '' or that would affect the companies ' safety and soundness . FCIC/FCICFirstHearing/FinancialCrisisInquiry--361.txt Albeit there was , there was public policy driving this mortgage business , but you were n't subject to the Community Reinvestment Act . FCIC/FCICFinalReport/fcic_final_report_full--491.txt Low standards would result in large losses when these mortgages defaulted , and very few lenders wanted to hold such mortgages . FCIC/FCICFinalReport/fcic_final_report_full--509.txt $ 66 $ 77 $ 64 $ 77 $ 157 $ 178 $ 619 High LTV $ 32 $ 44 $ 62 $ 61 $ 84 $ 87 $ 159 $ 123 $ 126 $ 120 $ 226 $ 1,124 loans **** Total ***** $ 72 $ 145 $ 154 $ 137 $ 259 $ 415 $ 592 $ 541 $ 547 $ 568 $ 676 $ 4,106 * Total purchases of PMBS for 1997-2001 are known . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--149.txt 554 Documents regarding Long Beach compensation , Hearing Exhibit 4/13-59 b. 555 4/4/2008 WaMu Memorandum of Results , `` AIG/UG and OTS Allegation of Loan Frauds Originated by -LSB- name redacted -RSB- , '' at 11 , Hearing Exhibit 4/13-24 . FCIC/FCICFinalReport/fcic_final_report_full--25.txt Telephones began ringing off the hook with calls from loan officers offering the latest loan products : One percent loan ! CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--511.txt ... -LSB- G -RSB- ood news ... -LSB- W -RSB- e own 10 -LSB- million dollars -RSB- protection at the m6 ... -LSB- W -RSB- e make $ 5 -LSB- million -RSB- . '' CongressionalHearings/MonetaryPolicy/House_Banking_Committee/HB_-_June_9,_2010_State_of_the_Economy:_View_from_Fed_Reserve/CHRG-111hhrg56847--261.txt Mr. Chairman , the Treasury is pouring money into Fannie and Freddie , keeping it afloat to support the current structure of housing finance . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--90.txt Evidence gathered by the Subcommittee from OTS examination reports , WaMu internal 276 2/7/2005 OTS Letter to Washington Mutual Board of Directors on Matters Requiring Board Attention , OTSWMEF-0000047591 , Hearing Exhibit 4/16-94 -LSB- Sealed Exhibit -RSB- . CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--287.txt Senator Levin : Ms. Barnes -LSB- Managing Director , S&P RMBS Group -RSB- , would you agree that the same thing existed in your area ? CongressionalHearings/Other/Senate_Homeland_Security_and_Government_Affairs/SHSGA_-_High_Risk_Home_Loans/CHRG-111shrg57319--13.txt --------------------------------------------------------------------------- Mr. Vanasek and Mr. Cathcart , did either of you become involved with managing the risks associated with securitization at Long Beach ? '' CongressionalReports/AnatomyofCollapse/FinancialCrisisReport--179.txt 654 2/7/2005 OTS Letter to Washington Mutual Board of Directors on Matters Requiring Board Attention , OTSWMEF-0000047591 -LSB- Sealed Exhibit -RSB- .