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Long Beach Financial Corporation


Self Description

Third-Party Descriptions

December 2008: "A crucial deal came in 1999, with the purchase of Long Beach Financial, a California lender specializing in subprime mortgages, loans extended to borrowers with troubled credit."

http://www.nytimes.com/2008/12/28/business/28wamu.html

November 2008: "Lewis also tracked down Steve Eisman, the hedge fund investor who early on saw through the subprime mortgages and shorted the companies engaged in them, like Long Beach Financial, owned by Washington Mutual."

http://www.nytimes.com/2008/11/26/opinion/26friedman.html

Relationships

RoleNameTypeLast Updated
Owned by (partial or full, past or present) Washington Mutual, Inc. (WaMu) Organization Nov 26, 2008
Research/Analysis Subject Steve Eisman Person Nov 26, 2008

Articles and Resources

Date Fairness.com Resource Read it at:
Dec 28, 2008 By Saying Yes, WaMu Built Empire on Shaky Loans

QUOTE: Between 2001 and 2007, Mr. Killinger received compensation of $88 million...During Mr. Killinger’s tenure, WaMu pressed sales agents to pump out loans while disregarding borrowers’ incomes and assets, according to former employees. The bank set up what insiders described as a system of dubious legality that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers, sometimes making the agents more beholden to WaMu than they were to their clients.

 New York Times
Nov 26, 2008 All Fall Down

QUOTE: exposed — using Citigroup as Exhibit A — some of our country’s best-paid bankers were overrated dopes who had no idea what they were selling, or greedy cynics who did know and turned a blind eye. But it wasn’t only the bankers. This financial meltdown involved a broad national breakdown in personal responsibility, government regulation and financial ethics.

 New York Times