How option ARMs killed WaMu

(This is Part 2 of a two-part series. Read Part 1, "WaMu failed to heed lesson learned in '80s.")

Kerry Killinger, the former strategist at the brokerage firm Murphey Favre, became Washington Mutual's chief executive in 1990. He made his first significant money by flipping investment homes in eastern Washington state and deeply believed in the power of the housing industry.

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