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FBI Investigating IndyMac For Possible Home Loan Fraud - Investor Insight - Subprime Losses
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Home > Blog > FBI Investigating IndyMac For Possible Home Loan Fraud

FBI Investigating IndyMac For Possible Home Loan Fraud

A late-breaking story from the Associated Press (AP) is reporting that the Federal Bureau of Investigation (FBI) is looking into the now-defunct IndyMac Bancorp for possible fraud.

According to the AP story, the investigation is focused on IndyMac’s activities regarding home loans it made to high-risk borrowers.

Concerns about IndyMac’s financial health led customers to withdraw $1.3 billion from the bank in the past 10 days. On July 12, assets of the California-based bank were seized by federal regulators. Its collapse is the second-largest bank failure in U.S. history.

Currently, the FBI is involved in 21 investigations related to the subprime mortgage crisis. The focus of the investigations concerns accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments.

Losses to homeowners and other borrowers who were victims in home-fraud schemes now total more than $1 billion.

Our affiliation of lawyers is actively involved in advising individual and institutional investors in evaluating their legal options when confronted with subprime and other mortgage-related investment losses. Â

This entry was posted on Thursday, July 17th, 2008 at 8:17 amand is filed under IndyMac Bancorp, Mortgage Backed Securities. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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