2013-08-06 — wcnc.com
``The Charlotte-based bank ignored its own underwriting standards when it originated the so-called "jumbo" loans, mortgages typically used for higher-end homes, federal officials contend. The bank led investors to believe that the loans were safer investments then subprime mortgages, even though the bank's internal performance reports revealed concerns about the quality of the loans, federal officials said.
In essence, federal officials said, mortgage-backed securities that the bank billed as prime were actually just as risky as investments in subprime loans.''
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