Office of Thrift
"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%.
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
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.
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
"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 01/08December
2006Washington Mutual states in a securities filing that it is
continuing to qualify borrowers based on their ability to afford a teaser
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
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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