Enter to win every day in CTNOW's 21 Days of Summer Giveaways. Click here to see today's prize.
CT Now

BankUnited Financial Corp.

BankUnited Financial Corp. of Coral Gables, the largest Florida-based savings institution, was seized in May 2009 by regulators who said it had run out of capital. A specialist in loans to foreigners buying Sunshine State homes, BankUnited was a top originator of pay-option adjustable-rate mortgages, which permitted payments so low that loan balances rose instead of fell. Often made without documenting borrowers' incomes, pay-option ARMs played a role in the downfall of Washington Mutual Bank in Seattle along with Countrywide Financial Corp., IndyMac Bank and Downey Savings in California. Cost: $4.9 billion. Joe Raedle / Getty Images
Loading
86°