Sorry to disagree with you, NOT WAMU flooded the market but FREDDIE and FANNY (sanctioned by no other than C.Todd and B.Frank. Thank god they won't run anymore but will enjoy their government pension. That should be stopped, period!
HOWEVER, concocted by the likes of JPM, AIG, CITI, BAC, WF etc..) to be sold to other banks as well as Wamu, ++overseas! A lot of banks failed due to this spiel by the big 5+'s to have instigated this.