If you’re expecting this story to be about the worst bunch of shady house flippers from the height of the credit boom, you’ll be disappointed. This story is about a family that took WaMu for huge amounts of money by buying homes and selling them to their friends and other family members for grossly inflated prices — and pocketing the profit while the homes fell into foreclosure. They did this as the California real estate market was imploding, and after WaMu had announced that it had tightened its lending standards.
