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World Of Trouble Three years before the housing market crash, Paul Bishop says he warned his superiors at World Savings that many of the mortgages they were granting were misleading and predatory. What does Paul Bishop say he told executives at World Savings, three years before the crash? “We’re breaking the law, okay? We’re breaking the law. You know we’re breaking the law. I know we’re breaking the law. What the hell do you think is going on here? You know, you’re granting too many people loans who simply can’t qualify,” Bishop told 60 Minutes correspondent Scott Pelley. Bishop’s story is a rare inside look at forces that tore the economy apart, as seen by a plain-spoken loan salesman who is now suing World Savings, claiming that he was fired for telling executives what they didn’t want to hear. “I definitely talked to him about Enron. I said, ‘We’re sitting on an Enron.’ This is…bigger than Enron. I mean, we’re doing four billion a month in loans. If housing drops, housing value dro
A former employee of Oakland’s World Savings is suing the company (now owned by Wachovia) and its former principals, saying he was fired in retaliation for his reporting of improper practices and violations of state and federal laws including the Sarbanes-Oxley Act by World in selling loans in San Francisco and the Bay Area. In a complaint filed in Alameda County Superior Court, former loan consultant Paul Bishop says he warned World managers prior to the company’s sale to Wachovia that he had concerns about what he describes as potentially “predatory lending, fraud and the deceptive nature of stated income loans” at World, and about his belief that World was “committing fraud, violating its fiduciary duties and its obligations under the Sarbanes-Oxley act.” In the complaint, Bishop claims World “preyed upon” desperate borrowers who were “enticed into bad/predatory loans…without being told the complete truth about the loans” and that “borrowers were not told the full story about the te
