Word: dime
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Legal experts have suggested in the weeks since Walsh's conviction that he may actually have been a scapegoat for Dime Savings, the bank he was convicted of defrauding...
Anderson said Dime loan representativesencouraged borrowers to put in false numbers or tosign a blank application, which the loan officerswould later furnish with false numbers...
Candee testified in the Segal case that he wasaware of negative amortizations as a feature ofthe "no doc" loan program. Through this scheme,Kelleher said, Dime encouraged widespread secondmortgages in Massachusetts, New Hampshire,Connecticut and elsewhere...
When the real estate market collapsed in the'80s, Dime borrowers could not repay theirloans--many of which should not have been approvedin the first place, Anderson said. Thirteenpercent of borrowers in 1978 and 19 percent in1988 never even made the first payment, accordingto the anonymous source...
...investigation ensued but when the probereached the upper echelons of Dime management, itabruptly and mysteriously shifted focus to closingattorneys such as Walsh, Kelleher said...