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office of thrift supervision

Office of Thrift Supervision

Pritzker's Superior Bank Subprime Losses Blemish Resume

"Our goal is to allow thrifts to operate with a wide breadth of freedom from regulatory intrusion." - James Gilleran

"The Office of Thrift Supervision championed the thrift industry's growth during the housing boom and called programs that extended mortgages to previously unqualified borrowers as "innovations." - Binyamin Appelbaum and Ellen Nakashima

James Gilleran of the Office of Thrift Supervision (with the chainsaw) and John Reich (then Vice Chairman of the FDIC and later at the OTS) and representatives of three banker trade associations: James McLaughlin of the American Bankers Association, Harry Doherty of America's Community Bankers, and Ken Guenther of the Independent Community Bankers of America.

James Gilleran, an impassioned advocate of deregulation, cut a quarter of the agency's 1,200 employees between 2001 and 2004, even though the value of loans and other assets of the firms regulated by the Office of Thrift Supervision doubled over the same period.

Scott M. Polakoff claimed the Office of Thrift Supervision closely monitored allowances for loan losses at Countrywide Financial, Washington Mutual and Downey Savings among others and considered them sufficient.

Darryl W. Dochow, the official in charge of regulating Washington Mutual, Countrywide Financial and Downey Savings played a key role in the collapse of Charles Keating's Lincoln Savings and Loan by delaying and impeding proper oversight of operations.

Darryl W. Dochow, Ellen Seidman, James Gilleran and Scott M. Polakoff knew what was happening and let it happen.

Washington Mutual paid 13% of their budget in the 2007-2008 fiscal year while Countrywide provided 5%.



Countrywide Financial

Countrywide protected fraudsters by silencing whistleblowers

1985 IndyMac Bank is founded by David S. Loeb and Angelo Mozilo as a means of collateralizing Countrywide Financial.

2003 Stanford L. Kurland, at the center of that culture shift at Countrywide Financial, acknowledged pushing Countrywide into the type of higher-risk loans - loans that came with low "teaser" interest rates.

July 9, 2008 IndyMac shares closed at $0.31 in trading on the New York Stock Exchange, a loss of over 99% from its high of $50 in 2006.

July 11, 2008 $32 billion in IndyMac Bank assets are seized.

Stanford L. Kurland founds PennyMac with the purchase of $558 million in deliquent Countrywide mortgages held by the Federal Deposit Insurance Corp. for pennies on the dollar.

Stanford L. Kurland then renegotiated the mortgage with the mortgagee writing down the value of the mortgage and reducing the interest rate.

Eric Lipton predicted PennyMac stands to make a profit of at least 50% on mortgage defaults.

Others suggest PennyMac may only return 15% to 25% a year.
"Kurland is seeking to capitalize on a situation that was a product of his own creation. It is tragic and ironic. But then again, greed is a growth industry." - Blair A. Nicholas



Washinton Mutual

Washington Mutual

US Faults Regulators Over Bank

"Three decades ago, a single income could purchase a house and pay taxes, utilities, gas, insurance, etc. Today, debt - not hard work and saving - makes the American dream possible. - Regina Powers 01/08

December 2006Washington Mutual states in a securities filing that it is continuing to qualify borrowers based on their ability to afford a teaser interest rate.

September 25, 2008 The Office of Thrift Supervision (OTS) seizes Washington Mutual and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC).

The FDIC sells Washington Mutual assets and liabilities, including covered corporate bonds and other secured debt valued in a 2007 SEC filing at $327.9 billion to JP Morgan Chase for $1.9 billion.
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