WaMu did as told

Regarding “Probe alleges WaMu fraud: Bank fueled crisis, Senate report says” (April 13).

Had the subprime mortgage program been a success, how many would have sprung from the woodwork claiming credit for its success rather than accusing WaMu and others of having engaged in “predatory” lending and other fraudulent practices.

The fact is that WaMu and others were coerced into making home loans in unrestricted numbers. Ex-president Bill Clinton was one of the prime proponents of the “let everyone own a home campaign.” His AG, Janet Reno, threatened banks with “investigative” action if they did not start making subprime loans – and plenty of them to boot. When WaMu converted mortgages into “toxic” securities, it was simply trying to salvage what it could from what it knew was impending doom.

But WaMu’s real horror was public opinion conveyed through civil lawsuits. You can fancy how jury deliberations would have gone: Why, that poor family. And that mean, greedy bank – won’t loan the family money to buy house to raise its children in. We’ll show them – $50 million punitive damages.

The world financial crisis is traceable to what happened right here in the U.S. It’s a national disgrace.

Dennis P. Roberts

Spokane