Getting your player ready...
WASHINGTON — The Securities and Exchange Commission is probing how Washington Mutual Inc., the nation’s largest savings and loan, handled mortgages that were possibly based on inflated home appraisals.
“We are voluntarily and fully cooperating with the SEC’s inquiry as well as the (Office of Thrift Supervision),” according to a company statement. OTS is the company’s federal regulator.
Shares of WaMu have dropped about 65 percent since mid-September, after some dismal financial disclosures and a lawsuit by New York’s attorney general against one of its real-estate appraisers, alleging the companies colluded to inflate home values.
