Wamu came into town like tornado, buying out Homeside of Florida, who bought out Equicredit... who bought out Loan America of Maryland.... my favorite wholesale lender back in 1992. Loan America had friendly make sense underwriters who always took your call and discussed files and told you how you could turn a decision around by soundly structuring a deal.. When WAMU came in to New York, and took over wholesale lending operations, we received two letters 1) An invitation from the bank to do banking with Wamu. 2) A letter cancelling our 10 year plus relationship with the original lender (Loan America) - whom we had a zero default rate with, but Wamu must have decided to dismiss small brokerage accounts.
This is another example of a huge comany rampaging through small business and ending up well upside down for the wreckless growth.
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