Florida Foreclosure Defense Lawyers Blog

Prior to the onset of the foreclosure crisis, Washington Mutual (WaMu) rewarded its employees for pushing high risk loans on homeowners who were getting mortgages from the company. The company created a bonus package which rewarded employees for giving homeowners pick-a-payment loans or non-prime loans instead of a fixed-rate 30-year mortgage. Some of the bonuses included $1,000 gift cards which were payed for at the expense of the home buyers. The U.S. Senate Permanent Subcommittee on Investigations released a report detailing the incentive campaign which contributed to the downfall of America's sixth largest bank. Florida is discussed in detail throughout the report because WaMu had a high concentration of its loans in Florida.