Like many American lenders exposed to the U.S. mortgage market, WaMu was hurting for cash as a result of the subprime loan crisis.

FORBES: Tosca Casts WaMu In Portfolio Role

Bowen, who left Citi more than a year ago, and other panelists kicked off a three-day hearing on subprime loan securitization by the commission, which is probing the roots of the financial crisis.

FORBES: The Man Who Tried To Blow The Whistle At Citi

The U.S. savings and loan shakeout of the late 1980s culled out lenders with lax standards at least until the subprime mortgage crisis.

FORBES: Filling the Leadership Void . . . From the Middle