WaMu Settles Lawsuit for $4,000,000

by James & Miel on August 20, 2008 · 0 comments

Hello All,

A couple of weeks ago, we received a solitation in the mail from the US district court in Eastern New York. Evidently Washington Mutual has agreed to pay over $4,000,000 to settle two class action lawsuits related to overcharging for flood certification fees. WaMu denies it, but is willing to cough up the money to make the problem go away.

Here is a quick snapshot of the court solicitation.

While I’m not making any direct allegations, its common knowledge that flood certification fees are junk – that is they are often tacked on by lenders to pad the bottom line. That said, you can draw your own conclusions.

Best,

James

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