Cherry picking.
From the AP:
The company also said it will shutter WaMu Capital Corp. and rely on third party broker-dealers to sell mortgage-backed securities.
Someone will find a way to take that paper for twenty cents on the dollar, plus a double-digit equity stake in said loan originator 
. All kidding aside, the pattern should be clear - pass the risk off to someone else…anyone else.
UPDATE: Anyone.
Tagged: mortgages, Washington Mutual