Mortgage Banking

Making sense of commercial real estate finance.

“You have destroyed the bank. Why are you not being held accountable?”

Posted by Jordan Crouch on April 16, 2008

The title of this post is a quote from a shareholder at WaMu’s annual meeting yesterday. There were many poignant questions during the Q&A session, none of which were answered by the CEO. He and others recapped the financial situation, touched upon the TPG bailout and forecasted that the bank would regain its footing. They admitted responsibility but did not offer any reconciliation. Several shareholders demanded the CEO resign.

What wasn’t mentioned during the presentation was what the future held for the commercial lending arm of the bank. Last week, WaMu announced that most of the residential lenders in its home loan centers were being let go. At this time it seems the commercial lending side of WaMu is still kicking. They have recently quoted several loans for us and show no signs of going anywhere.

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One Response to ““You have destroyed the bank. Why are you not being held accountable?””

  1. rob said

    hi i enjoyed the read

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