wamu predatory lender WWW.wamufraud.com

7 Jan

Washington Mutual Bank (WAMU) has now been added to the list of possible predatory lending practices. If you were to look back at what unhappy customers had to say about Washington Mutual you might be alarmed. For years now this lending institutions appears to be getting away with breaking several laws and no one has done anything about it. JP Morgan is the current owner of WAMU and who knows why they would bail out a bank that takes advantage of people in all walks of life, even the elderly.

Here are some disturbing things about WAMU:

It appears Washington Mutual commits Fraud by:
1) Non-Disclosure and False Disclosure,
2) violating RESPA by never answering letters of dispute (qualified written requests),
3) violating CA Civil Code 2943 by not supplying a Payoff Demand Statement requested by mail,
3) illegal accounting that doesn’t follow Generally Accepted Accounting Principles
4) Predatory Practices, such as forced escrows, & logging payments weeks after receipt,
5) Giving primarily “Liar’s Loans” (no document loans), where they know most people can’t qualify otherwise,
6) Refusing to do Loan Workouts, & failing to contact HUD for client help & signoffs,
7) often combining all of the above to foreclose on whole neighborhoods nationwide.

Washington Mutual appears to have explicitly broken 4 Federal Laws:
1) 15 USC § 1601 et seq.: Truth in Lending requires that banks disclose all details of the transaction
2) 12 USC § 1831n(2)(A): Requires banks to follow “Uniform accounting principles consistent with GAAP”
3) 12 USC § 2605 RESPA: requires that banks acknowledge & respond to a “qualified written request”.
4) 15 USC § 1611 Whoever willfully and knowingly (1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this subchapter or any regulation.

Source: http://wamufraud.com/ – find many complaints and more at this site.

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One Response to “wamu predatory lender WWW.wamufraud.com”

  1. Carla July 7, 2009 at 10:09 am #

    Purchased home with WAMU Jan 2006, forclosed May 2008. Broker submitted over-inflated finance documents for my loan which would have been easily found should anyone reviewing the file match my tax returns with the brokers docs. The broker failed to combine 1st and 2nd within one year as promised and after a year of working with customer service to re-finance, representatives stated signed re-finance documents were never received!!!! I believe there was collusion between the seller, broker and the appraiser.

    West Hollywood, CA

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