My experience at IndyMac

[Smokey Bear]

Wow. Thanks for sharing this. This reminds me of when I was the exec. asst. for the Chief Appraiser at Homestead Savings, and we had to get new appraisals for the entire portfolio. Homestead Land Development Corp, run buy the CEO's son, used to buy land without appraisals, sell land with loans written on napkins that were handed to Homestead's lending dept. and they were told to make it work. No wonder they went under.

There seems to be a total failure of ethics in this country. They never learn.

P.S. The cheif appraiser was ridiculed behind his back for ONLY signing documents in erasable ink. LOL

 

[Lloyd Bonafide]

I don't know exactly how they ran their residential side, but as far as the commercial and development side of things, it sounds like they were being run by a bunch of scumbags and gangsters, from the top down.

:new_2gunsfiring_v1::new_2gunsfiring_v1:

 

[c w d]

Great post Vernon. People wonder why I don't move from residential to commercial appraising instead of just getting out. Vernon, your horrific story of corruption and cover ups is exactly why I opt to just get out of the business altogether.

Thanks for sharing!

 

[Greg Bell]

How many other Lending institutions are conducting themselves in the same manner??
Spooky..

 

[Randolph Kinney]

Many companies are being run by management treating it as their fiefdom, to be looted. It is a shame but it has been going on for some considerable time.

 

[J in Florida]

Ah, the old "communication" excuse. They know they can't fire you for "failure to cheat", so the pull out the ever popular "communication" card.

 

[Mark to market]

It will take quite a bit of changes to turn this mess around. One of those changes will be having more people like you.

Thanks for the post.

 

[Bearslide]

Great post, Vernon - thank you for sharing it. Pretty obvious the corruption goes right to the top, with many players along the way. I have no illusions that is any different at the other major lenders.

Sadly, we don't need terrorists to bring this country down - the banks and our own government are doing it for them.

 

[Flygirl 152]

Thank you for sharing your experiences Vernon. I read from beginning to end on the edge of my seat.

 

[Karl]

Great post!!! Have you forward a copy to the Senate Banking committee. IRS & FBI??