FBI investigates possible loan fraud at IndyMac

[Eli Weiss]

WASHINGTON (AP) - The Associated Press has learned that now-defunct IndyMac Bancorp Inc. is under investigation for possible fraud in connection with home loans made to risky borrowers.

http://www.breitbart.com/article.php?id=D91V49BO0&show_article=1

 

[Vernon Martin]

schadenfreude

"Schadenfreude" means taking pleasure in the misfortune of others. (The Germans have a word for everything.)

That is why I read the last post with delight. With the federal takeover and now the FBI investigation I finally feel so vindicated.

 

[Terrel L. Shields]

Vern
I suspect it is more than personal vindication. It is recognition as well that people who bend the rules deserve the grief they ultimately GET just not that they dish out.

So far this market downturn is classic Minsky or whatever - commodity drop wrecks speculators, issue of fraud pops up as lenders fold...

It will also clearly show that, when the dust settles, the appraiser may be responsible for bits and pieces but the really big frauds will almost alway relate to insders profiting from their position to stuff their own sock and that of their kinfolk and buddies.

 

[Restrain]

FBI investigates IndyMac

Fox News and Drudge are reporting that the FBI is investigating IndyMac. Breaking as of this afternoon.

 

[William K]

As posted before, SHOCK, HORROR, DISBELIEF, OUTRAGE, HEADS WILL ROLL. yada, yada, yada.......

 

[Scott Kibler]

Show me the lender of any size that has no loan fraud.

 

[William K]

So how hard do they really have to look to find abuse / fraud? or any of them for that matter!

 

[Otis Key]

http://www.cnn.com/2008/US/07/16/fbi.indymac/index.html

 

[Otis Key]

http://www.cnn.com/2008/US/07/16/fbi.indymac/index.html

 

[Lost Cause]

Garden Variety Fraud Or Something Beyond?

Show me the lender of any size that has no loan fraud.

Well, there's fraud commited by individuals within a company and then there's fraud commited by the company itself. Everybody could have some of the former, but only a few, such as Enron or Indymac, will have the latter.