Salesman Pressured to Sell Predatory Mortgages (for 12/22/11)

Greg Saffer started working in Los Angeles for Washington Mutual (WaMu) Bank selling mortgages for them in 2007. He left in January 2008 after refusing to sell predatory mortgages to homebuyers and then filed a lawsuit in 2009 against JP Morgan, which bought WaMu in September 2008 after it became the largest U.S. bank failure ever. Half of all of WaMu's mortgages included borrowers of good credit. The bank tricked them with minimum payments below the interest charged to their loans, adjustable-rate mortgages which increased their balances and prevented homeowners from paying them off. These products were five times more profitable than regular mortgages. http://www.huffingtonpost.com/the-center-for-public-integrity/the-mortgage-salesman-who_b_1164703.html?ref=business