Wamu WKN 893906 News !

erscheint der Thread jedem seriösen WAMU Interessenten wie eine Ansammlung völlig durchgeknallter Lellecks denen man die Tabletten abgesetz hat.

Das ist schon furchtbar!!!!

 

excellenten Board kennt die Herrschaften, welche hier den Karren ziehen. Grossen Dank an sie.

Rekelt sich unsere WAMU wiedereinmal und die Arbeitsbienen beginnen mit ihren Analysen, gehen die OT-Themen sofort aussen vor.

In einer Vakuumphase, so wie jetzt gerade, finde ich es nicht verwerflich auch aktuelles Weltgeschehen hier in den Thread einfliessen zu lassen.

Alles natürlich mit Maß und Ziel........

NEIN - nicht Chelsea

ABER:
Es liegen zig Rechnungen auf dem Server.
Nehmt euch die mal vor und klabüsert die Auseinander wo es sich lohnt eine Objection einzubringen. Formuliert diese Objection aus. Notfalls auch in deutsch und gebt das dann an das Übersetzungsteam. Wenn ihr sie wieder habt dann könnt ihr sie über den Teich schicken.
Dabei sind wir dann gerne behilflich.

Aber bin jetzt schon überzeugt davon, das da eh niemand nachfragt, das wäre ja mal mit Arbeit verbunden.

im Wamu-Threat lernt man filtern - oder die ignore-Funktion einsetzen ;)

@ cropop
Mein lieber Freund! So ein Pech auch! Du warst letzte Nacht wohl grad am Text eingeben, während ich mich ausgeloggt hab! Egal, das Timing kriegen wir die Tage/Nächte noch hin ;)

Wamuq macht nicht schlapp, das dauert sicher noch lange, bis dieser Monster-Prozess ad acta gelegt wird! Von daher - den einen oder anderen Hype wollen wir uns doch nicht entgehen lassen, oder, Kumpels?! ;))

Gruß
F5

was soll da eigentlich geschrieben werden, mal bescheiden angefragt oder, gehört das auch darein?

in diesem Augenblick brennt in China die Floxxon Fabrik lichterloh.
Der größte Apple Zulieferer und Iphone 5 Produzent.

Mal den Kurs gucken...

Dampfthread?
Es ist nirgends etwas großartiges los.
Wir werden uns gedulden müssen bis kurz vor dem 06.10....(meine Meinung)

noch irgendwo n' Sack Reis umgefallen?
Oder soll ich den Schirmherren der Dollarschwemme zitieren, der die Finazen Eurozone kritisieren darf ohne selber seine Hausaufgaben in den Griff zu bekommen?
Hätte das einer im Dampfthread gelesen?

www.spiegel.de/wirtschaft/service/0,1518,788617,00.html

FDP-Politiker hält die Wähler für zu ungebildet

Link:
www.welt.de/politik/deutschland/...ler-fuer-zu-ungebildet.html

Ich hatte vor 30 Jahren (meine letzte Wahl) schon den Verdacht dass die (alle Parteien)  uns (Wähler) als Idioten hinstellen.

Nix für ungut dieses OT´s, mußte nach meiner Meinung sein (und wir haben doch eine Diktatur)

Odin

die B.Zeitung liest, dann schreibe doch wenigstens richtig den Namen der Firma hier rein.

bewegendes passiert - lese ich mitunter sehr amüsiert die Beiträge. Solange sie nicht beleidigend oder vorsätzlich falsch gepostet werden, ist auch nichts dagegen zu sagen (schreiben), dass natürlich 90% "OT" ist.
Beteiligen an den Vermutungen usw. will ich mich nicht und bitte lediglich darum, dass sobald etwas von wamu in den Vordergrung rückt, die Disskutanten und "Verschwörungstheoretiker" anderer Themen sich dann (wie das letzte Mal) zurück ziehen.
Ansonsten: Macht mir weiter Spaß - ich habe sowieso sonst nichts zu tun.
Grüße aus Thüringen
OW

Einmal probier ich es noch.

Also: der Titel dieses Threads lautet:
Wamu WKN 893906 News!

Warum nun kommen Leute hierher?
a) Weil sie neu sind und sich über diese Aktie informieren wollen
Macht doch mal den Selbsttest: stellt Euch vor, ihr kennt Wamu nicht, seht, dass dieser Thread mit Abstand die meisten Postings/Views hat, und dann lest mal die letzten Seiten zurück.
Jemand, der vielleicht zukünftig sogar etwas zu unserem Fall hier beitragen könnte, jedoch neu hier ist, wird gaaaanz schnell wieder das Weite suchen.

b) Weil sie wissen wollen, ob es Neuigkeiten gibt
Es ist mittlerweile sehr anstrengend geworden, aus diesem ganzen OT-Zeug rauszufiltern, ob irgendetwas Relevantes dabei ist. So kann man auch bestehende User vergraulen, die sich dann andere Infoquellen suchen, und für uns verloren gehen.

c) Weil sie etwas zum Thema zu sagen haben
Tja, wenn diejenigen feststellen, dass Verschwörungstheorien hier den Großteil der Postings ausmachen, wird denen auch irgendwann die Lust vergehen, wenn sie sehen, dass ihre mühsam erarbeiteten Fakten darin untergehen.

Es gibt doch genügend andere Platformen/Foren/Threads, wo man sich über 9/11, Politiker und Konsorten austauschen kann. Warum muß das hier sein?

Findet doch bitte wieder zu einem vernünftigen Maß zurück, sonst geht dieser Thread in seiner eigentlichen Funktion kaputt. Wäre schade drum. Es gibt übrigens, neben den beiden Möglichkeiten, etwas zu Wamu bzw. OT zu schreiben, noch eine dritte. Nämlich einfach mal nix zu schreiben.

neversurrender

Wirklich, wenn Du nicht raffst, das Deine Litanaien über diverse Weltverschwörungen hier fehl am Platze sind, und jetzt auch noch deswegen meckerisch wirst, dann mußt Du halt grau erscheinen.
Wenn Du erfolgreich von diesen paranoiden Psychosen bezüglich der Weltmächte therapiert bist, schalte ich Dich vielleicht dann wieder auf lesbar.

Bezüglich Floxonn, hab ich das aus dem Radio, und da kann man sich auch mal verhören.
Aber wenn Du nachschaust, weil Du es lesen kannst, dann schreib meinen Namen richtig, ich bin Sourcewell, nicht Sourcewill.

Bezüglich Reissack, kann ich Dir versichern, daß Floxonn kein Reissack ist, sondern der größte Zulieferer des größten Unternehmens der Erde. Und Leute die wissen, was damals mit den Kursen passiert ist, als die Chipfabriken gebrannt haben, der macht sich darüber sicherlich Gedanken. Das können die Staaten momentan garnicht brauchen, daß das Flagship absäuft. Du hast sicherlich schonmal etwas vom Dow Jones und der Nasdaq gehört, oder?

Ich vergaß natürlich, daß Du verstehst wie die Welt läuft. Aber mach doch Deine Propaganda woanders, nicht in einem Wamu-Thread. So schwer ist das doch garnicht zu kapieren.

Oder blickst Du das eh nicht, weil Du trotzig bist wie ein Baby.

 

Washington Mutual Reorganization Part 1: Fund Insider Trading Charges Prompt Mediation Order

On September 13th, Federal bankruptcy Judge Mary F. Walrath denied Washington Mutual’s (WAMUQ.PK)  reorganization plan for the second time, citing improper post-petition  interest rates and “colorable” claims of insider trading. However out of  concern that the case would simply unravel into more costly litigation,  she immediately ordered that all parties proceed to mediation.

In  January the judge had denied WaMu’s reorganization plan for the first  time based on multiple minor issues but approved the majority of the  plan built around a global settlement agreement that paid all WaMu’s  creditors, the FDIC, JP Morgan (JPM), and some WaMu bank bondholders.  The  GSA however left nothing for shareholders, resulting in many individual  objectors to the plan. During the confirmation hearing, one independent  shareholder, Nate Thoma,  raised sufficient enough concern with hearsay evidence of insider  trading by four hedge funds involved in the case that the judge ordered a  limited scope probe of the allegations.

A Previous Settlement

While the insider trading charges had been 10 months in the making, they almost never made it to trial.  After repeated rescheduling of depositions, a May settlement was announced that included all parties involved.  The  terms of the settlement had WaMu shareholders receiving the reorganized  company valued at $160 million, but with $160 million in debt and  preferred securities to pay back, a $100 million bridge loan for the  company, and $30 million for a litigation fund to pursue some third  parties not exempted by the GSA.  While on the surface,  this settlement appeared to give equity very little, the main value was  that WaMu shareholders would have been able to preserve valuable tax  breaks from net operating losses against future income between the  amount of $6 and $17.7 billion.

Talks eventually broke down in June though after some WaMu shareholders deemed the settlement insufficient.  Attorneys  representing equity wanted a recovery for both preferred and common  shares, however there was simply not enough money available from the  deal to appease everyone.  In an attempt to preserve the settlement, equity attorneys sought additional considerations from the hedge funds.  They refused, gambling that a win at trial would dispel the need for any concessions.

A Lost Gamble, "Reckless" Actions

Despite  their best efforts to persuade her otherwise, the hedge funds arguments  – which ranged from that the ethical trading walls are too cumbersome  and expensive to that they lost money on some of their trades so they  couldn’t have known what was going on – were largely ineffective with  Judge Walrath.  She decided that the hedge funds were  suspicious of engaging in insider trading both under the classical and  misappropriation theories.  In her 139 page opinion,  the court wrote that, "the Settlement Noteholders acted recklessly in  their use of material nonpublic information" but reserved judgment in  immediately declaring it as insider trading.  

Instead  Judge Walrath opined that while there was sufficient merit to the  insider trading claims for the equity committee to proceed with their  litigation, she ruled that in order to preserve the estate’s limited  assets all parties would go to mediation. This order came with an added pressure to settle.  Should  mediation attempts fail, the judge indicated that she is prepared to  allow the equity committee to proceed with a more detailed discovery of  the funds’ actions.   If successful at trial, the equity  committee would then be able to hold equitable disallowance against the  hedge funds, resulting in their debt claims being expunged and their  distribution to be redistributed to other creditors and ultimately to  shareholders.

Strength of the Case, "Significant Possibility" of Violation

Now with the judge ruling that the insider trading charges have merit, once again the hedge funds are in the hot seat.  Shareholders  allege that the four hedge funds, Appaloosa Management, Aurelius  Capital Management, Centerbridge Partners, and Owl Creek Asset  Management used non public material information from closed door  settlement negotiations between WaMu, JP Morgan, and the FDIC to  purchase deeply discounted parent company debt with the knowledge they  would certainly profit.  As the on and off negotiations  progressed, it is alleged that at least two of the hedge funds also used  their insider knowledge to sell higher seniority debt they had already  profited on to buy up junior debt as it became clearer that WaMu’s lower  priority creditors were more likely to be paid. This knowledge provided  an unfair advantage over the rest of the investing public, which was  unaware that negotiations were even in progress.  In one such example, a $4 billion dollar deposit asset held by WaMu had been agreed upon early on by all that it belonged with the parent corporation.  This  material insider knowledge however was in direct contrast to court  filings and news reports which led the public to believe the asset was  still hotly contested.

As usual, Judge Walrath refrained from showing her hand in regards to her level of conviction on the strength of the charges.  Instead she only ruled that the minimum bar had been achieved in order to allow for the charges to progress.  It  is evident that by deciding to hold back a more detailed opinion the  judge is looking for all the parties to come to an unbiased settlement,  one not weighted towards any one side by a preliminary judiciary  decision.  

Some individuals however, such as Benjamin Feder of the law firm Kelley Drye, have already weighed in on the chance of a hedge fund loss.  "Obviously,  there is going to be significant possibility that trading on such  information … will be a violation of securities laws,” he said.

Disclosure: I am long WAMKQ.PK, WFC.

Continue to Part 2 >>

 

http://seekingalpha.com/article/296151-washington-mutual-reorganization-part-1-fund-insider-trading-charges-prompt-mediation-order?source=feed

Washington Mutual Reorganization Part 2: Fund Insider Trading Charges Prompt Mediation Order

Billions at Stake

The hedge funds stand to lose possibly billions should equity eventually prevail at trial. Together the four funds hold approximately $2.5 billion of the parent company’s debt which is at risk for disallowance. The equity committee has also made a motion to litigate seeking that the hedge funds pay the estate’s legal fees and compensate the estate for interest accruals because their actions have unduly prolonged the bankruptcy process. So far legal fees in the case have amassed at $240 million in conjunction with over $785 million in bond interest. In all the hedge funds could possibly be on the hook for over $3.5 billion.

Then there is the matter of the SEC. One of the hedge funds involved already has had a recent run in with the law. In July 2010, Appaloosa Management paid more than $1.3 million in forfeited profits and penalties resulting from stock trades that regulators said “willfully violated” federal rules. The trades involved a Wells Fargo (WFC) shorting maneuver in November 2008. The fine included a civil penalty of $421,250 and disgorgement of $842,500 in profits. Should a future ruling of insider trading come down strong enough it is possible authorities would then make their own pass at the hedge funds, with accompanying civil penalties in the hundreds of millions. If the SEC were to exact a 50% civil penalty on the hedge fund’s total WaMu (WAMUQ.PK) holdings, the fine could be up to $1.25 billion, two and a quarter times more than Goldman Sachs (GS) record $550 million settlement. Finally there’s the possibility of loss of goodwill in the form of negative publicity and lost clientele from an SEC investigation and penalty.

All in all, a lost trial could possibly cost some of the hedge funds their businesses entirely.

An Urge to Settle, Impassioned Shareholders

As all parties head towards mediation there is certainly an urge to settle as far as the hedge funds are concerned. If they do not make an adequate settlement offer then the shareholders will likely fight on with the intent of inflicting the maximum financial penalty. Currently with how the debtors have structured their reorganization, shareholders have nothing to lose and everything to gain by going to trial.

The dilemma the hedge funds now face is entirely of their own creation. Early on in the case WaMu, likely highly influenced by the hedge funds blocking position of debt holdings, repeatedly urged the courts that the parent company was insolvent and that the shareholders should have no official representation. By doing so the hedge funds only managed to accomplish infuriating thousands of individual shareholders, resulting in the independent objections like Nate Thoma’s which has since placed them at this financial precipice. Had the hedge funds brought equity on board early with even a small recovery they may have not faced the resistance they do now.

Instead the shareholders have good reason to be upset, considering the suspicion generated by the current hedge fund influenced GSA. In it, $10 billion of cash and tax refunds are split among WaMu, JP Morgan (JPM), and the FDIC with such financial precision that that the “goal posts” of distributable money land almost exactly between WaMu’s debt and equity. By all appearances the hedge funds seemed only concerned about themselves at the bargaining table. When they were assured full payment of their claims they stopped trying to maximize any further recovery for the estate.

According to WaMu’s last reorganization plan the money comes just $40 million short of equity in an estate worth over $8 billion. Restated, the shareholders currently stand just one half of one percent out of the money; in a plan that also pays JP Morgan $2.1 billion in tax refunds.

"Bonanza" for JP Morgan

The legitimacy of the $2.1 billion payment to JP Morgan remains questionable to some, given the terms under which the bank accepted TARP. In order to skirt the law, the current arrangement is for WaMu to receive all of their tax refunds from the IRS, after which they will then make a recourse payment to JP Morgan and the FDIC. Put plainly, WaMu will act as a middleman to help JP Morgan circumvent the law. Whether this is legal or equitable has never been decided by the court. Instead Judge Walrath admits that:


"The Court's conclusion in the January 7 Opinion was not a decision on the merits of the underlying claims but merely a determination that the settlement of those claims by the Debtors on the terms of the GSA was reasonable."


In other words the judge is allowing for “under the table” agreements to exist, regardless if JP Morgan actually has a legal right to the tax refunds. If most all parties agree to it, her intent is to support any form a “reasonable” settlement so the case can be resolved. Keep in mind that in bankruptcy court, the bar for “reasonableness,” like the current insider trading claims, is exceptionally low. As the hedge funds have now suddenly learned, in Delaware the sword cuts both ways.

So far the collapse of Washington Mutual has been called a “bonanza” for JP Morgan, according to Peg Brickley of Dow Jones Daily Bankruptcy Review (article later redacted). As I reported previously, according to the GSA’s current terms JP Morgan will receive $5 billion in HELOC backed securities valued on the open market at 60% of par, $193 million in Visa class B securities, $2.1 billion in cash, and a $20 million wind farm, all from WaMu. Given the initial purchase price of WaMu for $1.9 billion in 2008, these additional assets received means that JP Morgan will pay a negative $3.4 billion for their purchase of the bank.

The very lucrative nature of this settlement leads American Banker to believe that JP Morgan may eventually chip more into the pot to pay shareholders. Banker concludes in their most recent article, “Many creditors are looking to JPMorgan Chase to drive mediation discussions, as it can't get the benefit of its deal until Washington Mutual's Chapter 11 plan is in place.”

Uncertainty and "Skepticism"

It is uncertain how much WaMu’s shareholders will receive from mediation. Unless the terms of the current GSA change, all equity will be able to recover is what debt claims the hedge funds are willing to part with to settle not going to trial. Then even among equity there is a hurdle, with approximately $7.5 billion in preferred stock that under the typical waterfall scenario should be paid in full before common shares receive a payment.

WaMu however is far from the typical bankruptcy. The standard waterfall scenario will likely be overlooked in an effort to reach a compromise among everyone. One possibility would be for the hedge funds to reduce their claims sufficiently to allow equity to take full ownership of the reorganized company. An agreement would also likely include enough cash for WMMRC to operate going forward. It would then be up to the shareholders to make the most of the company’s large NOL asset.

Some however are not so optimistic. CRT Capital Group analyst Kevin Starke told Dow Jones Daily Bankruptcy Review that he was "skeptical" mediation would resolve the impasse. I think otherwise. The fact that the case nearly settled once before is a hint there may be a second chance at success. Back in May the stakes for the hedge funds were much lower. Now with the judge’s preliminary ruling in favor of the equity the funds have to weigh out the real risk of what insider trading would do to them and what that risk is worth to them.

WaMu’s shareholders are likely to get something. The million dollar question is how much. To that no one knows the answer, except for the insiders.

seekingalpha.com/article/...ing-charges-prompt-mediation-order

doch besser per Boardmail :-)

Glückauf

sorry kaufe ein e statt i,
dann bitte aber habe die Güte, schreibe nicht widerholt die Firma falsch, denn sonst könnte man meinen, Du hast vor lauter Wut, Tränen in den Augen!

einer der eher objektiveren beiträge, durchaus wert, dass sich jemand die mühe macht, und ihn übersetzt. racki ist manchmal nicht ganz auf zack, aber dieser artilkel gibt eine schöne zusammenfassung. nochmal der link:

seekingalpha.com/article/...ing-charges-prompt-mediation-order

und jetzt noch viel vergnügen beim etwas ab vom thema diskutieren (oder müllen, je nachdem von welcher seite man es sieht), grins.

hat  es inzwischen eingesehen, das es derzeit über wamu nicht viel zum schreiben gibt...

im gegensatz zu manchen nerventöter und vollpfosten hier !!

http://www.ariva.de/forum/...3906-News-364286?page=6560#jumppos164012

Wenn  man gemein wäre, könnte man dazu sagen, dass sie, zusammen mit der CDU, in den achtziger und neunziger Jahren durch das Zurückfahren der Ausgaben für Bildung um fast 50 Prozent auch dafür gesorgt haben...

Ausserdem könnte man sich fragen, ob sich das Zurückfahren der Bildung trotz seines Alters auch auf diesen Politiker ausgewirkt haben könnte, denn wie sollte er sonst auf eine solche Aussage kommen?
(Wenn nicht durch den Verfall der Bildung, dann vielleicht WEGEN seines Alters?
Oder weil er in der FDP ist? Die ich nicht mit Denkfähigkeit assoziiere.)


Gruss, St. JCF

aber ich möchte zum post http://www.ariva.de/forum/...3906-News-364286?page=6559#jumppos163980 doch noch ein paar Wörter schreiben und hoffe, das dann damit das Thema erledigt ist. Thema "Aluminium" http://de.wikipedia.org/wiki/Aluminium , bitte lest selber. Und da ich beruflich mit dem Werkstoff Aluminium in flüssiger Form zu tun habe, den würde ich warnen einen Eimer Wasser auf eine Aluminiumschmelze (in der Regel 660°C Schmelzpunkt) zu schütten. Dies kann er nur einmal machen und in der Regel gibt es dann auch kein Haus und Hof mehr. Leider habe ich so eine abgeminderte (je nach Menge der Aluminiumschmelze und des Wassers) Explosion schon ein paar mal erlebt und das sollte keiner nachahmen.

Aber zurück zum Thema, auf den Ami boards erwarten sie ja in Kürze eine Einreichung von TPS. Und wir wissen wie direkt die Anwälte im Conf.Hearing waren. Vielleicht gibt es in Kürze noch ein paar Wahrheiten zu lesen.

grüße gumaus

www.bild.de/home/telegramm/home-telegramm/...index=0.bild.html

    Both men pleaded guilty last year following their 20009 indictment along with seven others. Kontogiannis, who is not named as a defendant in the FDIC's present action, controlled several entities that staged sales of properties in Brooklyn and Queens by recruiting straw buyers from among family members and employees.
    "As part of the scheme, members of the Kontogiannis family acted with others, including the defendants named herein, using the artifice of separate and independent entities, to create fraudulent mortgage loans with seemingly appropriate documentation, to sell those fraudulent 'mortgages' to WaMu and others for millions of dollars, to retain the proceeds of the sale that supposedly were to be distributed to fictitious mortgagors and purchasers, and to fraudulently convey funds and properties in an effort to avoid detection and the claims of WaMu, and the FDIC as receiver, for the losses resulting from the scheme," the complaint states.
    "As a result of the scheme, WaMu purchased sham mortgage loans and suffered many millions of dollars in losses. WaMu purchased these loans in justifiable reliance on false representations and fraudulent documentation misrepresenting that each mortgage was given by a real mortgagor and borrower who were purchasing the properties at issue, that funds in the amount of the mortgage were dispersed to such borrowers, and that the loans were secured by a validly recorded first lien position on the properties.
    "In fact, the mortgages purchased by WaMu, while appearing to be genuine and fully documented, were entirely bogus. The borrowers never purchased the properties, even though each loan package contained a signed deed purportedly conveying the property to the borrower. No funds were ever disbursed to the borrowers, even though each loan package contained a signed mortgage, closing statement and other HUD documents, signed by the straw borrower and identifying Cusack as settlement agent and attorney, stating that such disbursements of funds had been made. Titles to the properties were never conveyed or recorded, even though each loan package contained documents indicating that recordation had occurred. No real appraisals were prepared, even though each loan package contained a purported appraisal. No title insurance was ever procured, even though each loan package contained documents stating that such insurance had been or would be paid for and issued (including statements on official forms signed by title agents and title insurers)." (Parentheses in complaint).
    The FDIC claims that Clear View and Doumazios, acting as agents for United General Title, "knowingly prepared and issued falsified title reports, title insurance commitments and certificates, and title insurance policies that they knew would be used to market the mortgages and to defraud WaMu into purchasing these fake loans."
    United General Title, a New York insurance underwriting company, provided Clear View with apparently legitimate policy and commitment documents to create the impression that the mortgages were genuine.
    Moreover, the defendants assured WaMu that all mortgages had validly recorded deeds and insurance titles, according to the complaint.
    "Instead, as a result of the fraudulent scheme, no such title insurance was secured, no mortgages were recorded, and WaMu was induced to purchase worthless and fictitious loans resulting in millions of dollars in losses," the complaint states. "As detailed below, Doumazios has pled guilty to criminal charges of conspiring with Kontogiannis and others to commit bank and wire fraud against WaMu, using defendant Clear View in furtherance of that conspiracy."
    The FDIC adds: "As part of the closing of the mortgages on the properties, Doumazios and Clear View were required to ensure, among other things, that monies for title insurance premiums and real estate taxes were collected and paid, legitimate commitments for title insurance and title insurance policies were issued, and deeds and mortgages were properly executed and recorded. They did none of those things. Instead, acting with apparent authority to bind UGT, they issued fraudulent policies and commitments, failed to file the deeds and mortgages, and steered monies not to the fictitious purchasers and mortgagors, but instead to Thomas Kontogiannis or his controlled entities."
    Cusack, the closing attorney, also participated in the scheme by signing fraudulent closing forms, falsely reflecting title insurance, tax and insurance payments, and recording fees for each mortgage loan, the FDIC claims.
    "The concerted efforts of the participants in the scheme, including defendants, created the appearance of a real mortgage, protected by title insurance and the recording of a first lien position on the subject property, in order to induce justifiable reliance by WaMu on the bona fides of the transaction," according to the complaint. "The fraudulent mortgages were created by the participants in the scheme, with the intent to sell them promptly, and, in fact, the sham mortgages were sold to WaMu within days of the purported 'closings,'" the FDIC added.
    To facilitate the fraud, the bogus mortgages were buried among hundreds of valid mortgages that WaMu bought from the defendants and their co-conspirators over several years, according to the complaint.
    The FDIC says WaMu, which sold most of the fraudulent mortgages to Fannie Mae, was forced to repurchase them when the fraud was discovered, and suffered huge losses.
    WaMu said it learned about the scheme in 2007 as Kontogiannis was facing charges laundering bribes to a U.S. congressman - a crime for which the 62-year-old is currently serving eight years in prison.
    The FDIC seeks to recover more than $1.2 million that WaMu lost in buying the three fraudulent loans, as well as compensatory and punitive damages for fraud.
    It is represented by Alan Gallanty with Kantor, Davidoff, Wolfe, Mandelker, Twomey & Gallanty of Manhattan.
    The FDIC sold Washington Mutual to JPMorgan Chase shortly after the takeover. WaMu's closure and receivership in 2008 is considered the largest bank failure in American financial history.  

www.courthousenews.com/2011/09/27/40080.htm