Top WaMu execs in mortgage biz again
News from The Seattle Times:

From the “If at First You Don’t Succeed” Department: David
Schneider, who headed Washington Mutual’s home-loans unit during the peak of the mortgage bubble, was running another sizable mortgage company until this past Friday.

Though Schneider is now out, several other WaMu veterans, including former chief operating officer Stephen Rotella, are still involved with the company, Vericrest Financial of Irving, Texas.

Vericrest, wholly owned by private equity firm Lone Star, specializes in servicing subprime mortgages and delinquent or otherwise troubled loans, of the sort that WaMu became notorious for peddling. It services some 55,600 mortgages with total outstanding principal balances of $ 10.1 billion.

Schneider, who was kept on by JPMorgan Chase after it acquired WaMu’s operations from the Federal Deposit Insurance Corp. in 2008, became Vericrest’s CEO just over a year ago.

But after reports earlier this month in the trade press that Schneider had left, and a direct inquiry from The Seattle Times, Vericrest issued a statement late Friday that Schneider had previously announced his intention to resign and that Feb. 22 was his last day. (Confusingly, though, Vericrest still lists Schneider as CEO on its website.)

Last fall, Schneider appointed Rotella and John McMurray, WaMu’s former chief risk officer, to a newly formed advisory boa…………… continues on The Seattle Times

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