The Conservative Cave
Current Events => Breaking News => Topic started by: Wretched Excess on July 16, 2008, 02:39:39 PM
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FBI Investigating IndyMac For Possible Loan Fraud
Failed Mortgage Lender Was Seized By Federal Officials Last Week
WASHINGTON (AP) ― The FBI is investigating now-defunct IndyMac Bancorp Inc. for possible fraud involving home loans made to risky borrowers, according to the Associated Press.
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, according to a law enforcement official who 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.
More (http://cbs4.com/national/indymac.bank.fraud.2.772659.html)
the plot thickens.
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Interesting....