wamu predatory lender WWW.wamufraud.com

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.

Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked. View all posts by timothymccandless