OJ says he didn’t do it: good enough for WaMu

The article in the Seattle Times about the collapse of WAMU is hilarious.  Thanks to my friend Loren Steffy at the Chronicle for highlighting the madness.  A famous lawyer in New York used to say No Witness, No Case.  WAMU’s behavior flips this one…No ability to pay, No problem.   We catch these guys pulling fast ones ALL THE TIME.

Here is an excerpt for your reading pleasure.

Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife’s parents,” [Fay Chapman, WaMu's chief legal officer from 1997 to 2007] recalled. Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan.

“When I asked how we could possibly foreclose on it, they said there was a letter in the file from O.J. Simpson saying ‘the judgment is no good, because I didn’t do it.’ “

Classic.  I love it!  The old “wasn’t me” is alive and well.

- The Bank Slayer