Bingo, that's what brought it to mind. Connecting the dots, I am convinced the WAMU takedown was a trial run for the GSE's. WAMU takedown orchestrated by OTS, FDIC (Sheila Bair) & JPM (Jamie Dimon) while GSE's takedown orchestrated by FHFA (James B. Lockhart & Ed DeMarco), Treasury (Hank Paulson & Timothy Geithner) and the Federal Reserve who kept regulation of rating agencies in check. This enabled banks to issue predatory subprime loans with inflated rating scores which were later dumped on the GSE's to take them down.
The overall mission was to secure market share from the GSE's and gift to private capital (banks) in a fire sale while at the same time removing the governments role as guarantor in the mortgage market. The plan backfired when the GSE's began making profits again. WAMU was placed into receivership under FDIC and quickly sold in a fire sale to prop up JPM, where most of the government's deposits are kept.
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