According to a Senate Report released today, Washington Mutual, one of the largest originators and purchasers of adjustable rate mortgages, did the following things during the "boom years" of 2006 and 2007:
*Sales associates in WaMu offices in California fabricated loan documents, cutting and pasting false names on borrowers’ bank statements.
*Two top producing offices — in Downey and Montebello, Calif. — had levels of fraud exceeding 58 percent and 83 percent of the loans.
*Extra bonuses went to loan officers who overcharged borrowers on their loans or levied stiff penalties for prepayment.