From the In Brief section of the American Banker on 12/23:
"The CA Department of Corporations Friday said it filed a lawsuit against Long Beach Mortgage Co., a unit of WaMu, seeking $9 million in civil penalties.
'The state said it discovered during a 1999 examination that Long Beach had overcharged borrowers by initiating interest rate charges more than one day before the loans closed, violating a state law that says lenders may begin charging interest only within 24 hours of closing."
Will we see your bank name here next, Anonymous?
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Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.