For those of you who missed 60 minutes last night, they did a 13 minute segment on Paul Bishop a whistle blower at World Savings Bank (which was Golden West Financial's bank subsidiary) who tried to alert bank management to the risks associated with the Pick-a-Payment Option ARM mortgages.
Wachovia bought out the bank near the peak of the market at $25 billion
"World of Trouble" (13 minutes)
Watch CBS Videos Online
From the many people that Ive talked to this was failure on top of failure on top of failure. Mortgages companies got greedy and there was a strong de-regulation push in Washington and many good regulations that were put in place to keep this from happening during the great depression was removed.
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