did you read this suit?
they are whining about lending practices and claiming securities fraud.
this is what they claim they bought:
DATE B /SELL NO. OF UNITS PRICE PER UNIT
02/15/2007 Buy 4,025,921.15 $101.1031
02/05/2008 Buy 160,271.93 $ 90.0156
they were still buying in feb 08, even though as they state;
" By December 2007, shares of Washington Mutual Bank had hit an 11-year low,
as the Company announced, according to the Seattle Times, that it would be cooperating with an SEC inquiry stemming from allegations by the New York State Attorney General Andrew Cuomo that WMB had made mortgage loans based on improperly inflated home loans appraisals. That same month Attorney General Cuomo announced his office had filed suit against First American and eAppriasellT alleging that WaMu handpicked appraisers and
otherwise manipulated the appraisal process through eAppraisellT (a wholly owned subsidiary of First American) to increase values in appraisal reports related to WaMu loans.
80. Not long after this announcement, WaMu announced that the Company had
posted its first annual loss since the mid-1980's due to a huge loss in the fourth quarter of 2007 of $1.87 billion.
81. Following these announcements , the price of WaMu Certificates dropped
dramatically from over $1.00 face value to just over $.09175 as of January 31, 2008. "
Uhhh, so why were they still buying the MBS??? sounds like they need to fire their fund manager, not sue WAMU.
WHAT A JOKE!
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