Paul Bishop

Walking Away: The Next Mortgage Crisis

Ken Rosen who you reference in this article sat on the Board of Golden West (GDW) parent to World Savings, one of the "portfolio lenders" who allowed a great many of these ARM's and at the height of the insanity handed all their molten loans and $125 billion dollar portfolio to Wachovia for $25.5 B Do you think long term Board member Rosen profited from that at all??? For him to be sanctimonious now and take the appearance that he was not involved is beyond the pale. Google his name and check his remarks in the WSJ in '03,'04,'05,'06 (when they sold to Wachovia) The Sales force for his Company World Savings was doing $4 B of loans a month, a large majority of which were no doc or QQ ( quick qualifier, World's term) those are a lot of the $8 + billion that Wachovia is going to eat. Not to mention the destruction of good neighborhoods, families credit, cities tax base, and the general decline in value. Rosen was right in the middle of all of it.