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Report: Lax oversight allowed Downey Savings' loan binge 
latimesblogs.latimes.com | by Tom Petruno | Wed, Jun 17
latimesblogs.latimes.com is the #1 Blogger for United States Department of the Treasury
The Office of Thrift Supervision, the Treasury arm that regulates S&Ls, began warning Downey management in 2002 about its heavy issuance of pay-option adjustable-rate mortgages but failed to rein in the practice, the report said.
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