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Source: FBI investigating Indymac for fraud
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| 72hrpartyanimal |
Damn... the world is gett'n pretty ty...
whats next, city workers going on strike?
http://www.cnn.com/2008/US/07/16/fbi.indymac/index.html
The FBI is investigating Indymac Bancorp for fraud, a source tells CNN.
A source tells CNN that the FBI is investigating California-based Indymac Bancorp.
A source tells CNN that the FBI is investigating California-based Indymac Bancorp.
The California-based bank was taken over by federal regulators last week.
Indymac's collapse was the second-largest bank failure in U.S. history.
A source with knowledge of the investigation said the federal government is looking into whether the bank engaged in fraud when it made home loans to high-risk borrowers.
The source said the investigation is focused primarily on the company, not individuals.
The FBI declined to comment on the report. It has previously said that investigation of 21 corporations for possible mortgage fraud is a top priority for the bureau.
Friday's closure of IndyMac bank sparked investor panic that sent shares of mortgage finance giants Fannie Mae and Freddie Mac on a wild ride and fueled speculation of a government rescue.
Don't Miss
* How Fannie, Freddie and Indymac affect you
* Indymac to reopen 'strong and safe,' new boss says
IndyMac, which reopened Monday under federal supervision, was once one of the nation's largest home lenders.
Thanks in part to the nation's mortgage crisis, it lost hundreds of millions of dollars this year and in 2007, and concerns about the bank led customers to withdraw $1.3 billion in the last two weeks, prompting the government takeover.
On Sunday, the Treasury Department and Federal Reserve announced steps to make funds available to Fannie Mae and Freddie Mac if necessary. Fannie Mae and Freddie Mac were created to help individuals realize the American dream of home ownership, but they now find their survival at risk in the U.S. mortgage crisis |
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| |Thrax| |
| quote: | | Fannie Mae and Freddie Mac were created to help individuals realize the American dream of home ownership |
That's not my dream, I just need a place for my stuff!*
*Without a ty loan.
I in hate landscaping. |
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| R!CH |
| man, the league of hilariously ty company names is coming undone... :( |
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| Maka08 |
| Theres one by my house and there were a bunch of ppl outside and a couple cops cars the other day. |
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| TSG |
There's one by where I work. The other day during my lunch, I drove by there and saw all these ppl standing in line. I was like WTF? Are they giving something away? :conf:
Afterwards, I realized it was IndyMac! :eek: |
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| Nerologic |
The biggest companies in the world, are the biggest scammers alive.
These stories happen all the time, but since there is a lot on the line they rarely get messed with.
Enron was a lost cause even though they did get prosecuted. The MAIN scammer from that company didn't get sentenced. But the company mud duck is still in jail.
Those crooks at Enron caused us rolling black outs here in CA. They said back then "they were low." Which is bull. They made MILLIONS in a matter of weeks durring the black outs. They got million dollar tax cuts from the state because of the situation.
Well come to find out early this year and late last year IT WAS ALL A LIE. They had enough energy, they were just plaing games to funnel money out of the state.
So why doesn't state prosecute ENRON for this and get the money back?
Because CA has too much "invested" into ENRON. Making Enron above the law.
To put it in perspective lets just say Enron was a real person. Enron and governator are have dinner, Enron stands up and shoots the waiter dead Arnold would be forced to look away. Because if he did something he would NEVER go into any office again. |
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