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LAW AND LEGAL ISSUES
FDIC suing lenders over loans brokered for Washington Mutual
By Andrew Martinez
September 08, 2023, 4:00 a.m. EDT
3 Min Read
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The Federal Deposit Insurance Corporation is suing over a dozen mortgage firms in federal courts to recoup funds over loans they brokered over 14 years ago for Washington Mutual.

The agency in its complaints points to a combined 373 home loans it claims were defective for a variety of reasons, according to a National Mortgage News review of federal court records. While dollar amounts sought aren't disclosed, some alleged bad underwriting for the loans in question includes five-figure kickbacks and six-figure borrower debts.

The FDIC's pursuit stems from the fallout of its takeover of WaMu in 2008 during the Great Financial Crisis. Deutsche Bank, a trustee for mortgage-backed securities including the defective WaMu loans, sued the agency in 2009 for indemnification for its securities.

https://www.nationalmortgagenews.com/news/fdic-suing-14-lenders-to-pay-for-washington-mutual-brokered-loans?fbclid=IwAR0rPGssbK8eBmNkuEeRs9KdfaIlVIh2ry6I_HUn4qDJ5IEGOtYB0FztmjM

https://www.fdic.gov/buying/loan/documents/sigf-23-sale-announcement.pdf