FBI investigates possible loan fraud at IndyMac

[Dirty Harry]

The argument that companies don't commit fraud, only people do is very profound. Guns don't kill people, people do. So you're suggesting a ban on corporations?

Or how about Joyce's gun example. Have you ever seen a gun put on trial for murder? :new_2gunsfiring_v1:

 

[Pat Butler]

Wasn't a recent president of the IFA employed as the chief appraiser for IndyMac? I thought so, but am not sure, so I don't want to name names, but perhaps someone can verify.

 

[woodyva]

Wasn't a recent president of the IFA employed as the chief appraiser for IndyMac? I thought so, but am not sure, so I don't want to name names, but perhaps someone can verify.

Brad Ellis was, yes. I took a class he instructed last year. Great speaker, good at teaching.

I mean nothing negative with this: the class was "Institutional Fraud". Irony...

 

[Pat Butler]

I did some searching and found out that Tom Munizzo (sp?) was also employed by them.

 

[Riick]

Originally Posted by Pat Butler
Wasn't a recent president of the IFA employed as the chief appraiser for IndyMac? I thought so, but am not sure, so I don't want to name names, but perhaps someone can verify.

Brad Ellis was, yes. I took a class he instructed last year. Great speaker, good at teaching.

I mean nothing negative with this: the class was "Institutional Fraud". Irony...

Correction.. Brad was a regional head, not the Chief Appraiser.
Chief appraiser up to last September (or perhaps January '08) was another fellow - Fred Meyers, SRA.

 

[INSPECTOR]

Ozone

Correction.. Brad was a regional head, not the Chief Appraiser.
Chief appraiser up to last September (or perhaps January '08) was another fellow - Fred Meyers, SRA.

Fred Meyers where are you now!

 

[Lost Cause]

Good Grief

I'd hate for a thread on as important a topic as fraud at Indymac to get hijacked by something this unimportant, but just to clarify:

Wondering if you can show me an example of a company committing fraud itself?

In my opinion, it is always the individuals who commit the fraud, not the company. Granted, there may be multiple individuals within the company committing the fraud. A company (corporation) is not a living, breathing entity capable of making decisions on its own. It does not have self-awareness or intelligence. It is merely a business entity created for convenience and tax benefits of its officers / owners.

It may seem like the whole company is corrupt. However, I'm willing to bet a few dollars that you will find innocent people trying to do the "right thing" within most organizations.

This is the most bizarre interpretation I've ever seen of something I've written. Surely you can't actually believe that my comment that it appears that the company has committed fraud to mean that I think each and every person employed there is a crook! Let's get real! How's about bringing rationality back to the Forum and we get back to a discussion of fraud at Indymac now?

And, with that said, how about that FBI? Are they on the ball or what? It only took them until it collapsed to investigate. God save us if they're this far behind the terrorists!

 

[Mike Garrett RAA]

Fannie Mae stock up today. DOW up early, oil down. Mixed signals? Have the terrorist actually won?

 

[liberated]

Fannie Mae stock up today. DOW up early, oil down. Mixed signals? Have the terrorist actually won?

What was interesting, was this information was all over the news well before Wall Street opened this morning.
I think that the terrorists are sitting back and laughing at us destroying ourselves.

 

[Dirty Harry]

This is the most bizarre interpretation I've ever seen of something I've written. Surely you can't actually believe that my comment that it appears that the company has committed fraud to mean that I think each and every person employed there is a crook! Let's get real! How's about bringing rationality back to the Forum and we get back to a discussion of fraud at Indymac now?

Of course I don't believe that you think everyone was a crook. But I do believe that making a comment like "it a appears that the company has committed fraud" is a pretty bizarre statement itself. That is why I commented on it.

And yes, I'm sure this thread is so important that it will be the catalyst of change in the future of the appraisal / lending industries.