FBI probes possible home-loan fraud at IndyMac

[LogansPapa]

Jul 16 05:08 PM US/Eastern / By LARA JAKES JORDAN / Associated Press Writer

WASHINGTON (AP) - Now-defunct IndyMac Bancorp Inc. is under investigation by the FBI for possible fraud in connection with home loans made to risky borrowers, The Associated Press has learned. It was not immediately clear how long the FBI's probe of the bank has been ongoing.

The investigation is focused on the company—which was taken over last Friday by the FDIC—and not individuals who ran it, a law enforcement official said Wednesday. The official spoke on the condition of anonymity because he was not authorized to speak publicly about the investigation.

IndyMac Bank's assets were seized by federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.

The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said.

The Office of Thrift Supervision said it transferred IndyMac's operations to the Federal Deposit Insurance Corporation because it did not think the lender could meet its depositors' demands.

FDIC spokesman David Barr could not immediately be reached for comment Wednesday.

Shortly after the FDIC took over operations, Barr said most depositors were given immediate access to up to $100,000 in their accounts and 50 percent of any money beyond that threshold. Depositors with joint accounts or retirement accounts could immediately withdraw greater sums.

Depositors were given receivership certificates for any money they couldn't immediately withdraw and may be able to receive some of that money after the bank's assets are sold off.

http://www.breitbart.com/article.php?id=D91V68080&show_article=1

[ashlee]

Hello everybody, I need a personal loan that is legit and not wanting bunch money upfront. I need to get out from under payday loans. I am paying so much on them that I will never be able to get back on my feet. I don't have good credit and I am having a hard time getting any where with this. Can I really get a personal loan for people with very poor credit? Thanks a lot in advance.

[Constitutionally Speaking]

What they SHOULD be doing is charging Chuck Schumer under the SEC’s new rules about rumormongering.


Bank runs are caused by panics, rumors of insolvency that become self-fulfilling prophecies.

Of course it won't get reported this way, but federal regulators specifically cited Senator Schumer in explaining the bank's failure. AGAIN, the federal regulators blamed Schumer for a run on the bank.

The camera hog bloviating bastard needs to pay for his irresponsibility. Of course, he won't.

Here are some comments by people in the know.



“Dissemination of incomplete or erroneous information can erode public confidence, mislead depositors and investors, and cause unintended consequences, including depositor runs and panic stock trades. Rumors and innuendo cause damage to financial institutions that might not occur otherwise and these concerns drive our strict policy of privacy.”

The article continues with a these quotes from a former Comptroller of the Currency, John D. Hawke.

“If Schumer continues to go public with letters raising questions about the condition of individual institutions, he will cause havoc in the banking system.”

“Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don’t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the (congressional) oversight committees. After this, you’d be crazy to share information with Schumer.”

http://blog.metro-real-estate.com/?p=664