FBI Investigating Possible Fraud at IndyMac
- By:
- MortgageLoan.com | July 17, 2008
IndyMac is one of several banks being probed by the Federal Bureau of Investigation (FBI) for possible mortgage fraud, a U.S official revealed on Wednesday.
According to reports from the Associated Press, IndyMac has been included on an FBI list of companies involved in corporate fraud with an investigation commencing shortly before the bank was seized last week.
An FBI spokesperson on Wednesday said, "We receive information from a variety of sources on a daily basis and we have an obligation to review each allegation on its merits."
Evan Wagner, a spokesman for IndyMac speaking to Reuters said, "It shouldn't be surprising that there is an investigation because of the size of the bank failure."
Another company believed to be under the FBI's watch list is Countrywide Financial Corp, the largest U.S. mortgage lender which was recently taken over by the Bank of America.
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Market Hits Record Lows, Are We Doing Too Much?
- By:
- Bill Rice - MortgageLoan.com | October 10, 2008
The US Stock Market plummeted to record breaking lows Thursday despite increasingly extraordinary measures by the government. It seems that nothing will bring confidence back to the investor. Meanwhile, a lack of financial trust between banks and companies continues to tighten the credit knot that is strangling the markets.
Paulson Takes Page from British, May Directly Inject Capital into US Banks
- By:
- Bill Rice - MortgageLoan.com | October 09, 2008
On Wednesday the British government launched a plan to offer up to £50 billion ($87 billion) to major banks like Royal Bank of Scotland, Barclays, and HSBC Holdings shoring up their capital and directly strengthening their balance sheets. In exchange, the British government would get preferred equity positions in the banks.
US Fed and Major World Central Banks Coordinate Rate Cut
- By:
- Bill Rice - MortgageLoan.com | October 08, 2008
Major world central banks react to a broadening global economic crisis by taking extraordinary measures to coordinate monetary policy. In a move to reduce growing stress in the world credit markets central banks cut interest rates by a 0.5 percent.
Loan Modifications, Not Government Bailouts May Be the Answer
- By:
- Bill Rice - MortgageLoan.com | October 07, 2008
Bank of America is to launch an $8.6 billion loan modification program. Initiated as settlement for a mounting number of predatory lawsuits inherited in the acquisition of Countrywide. This loan modification program could trigger two historic landmarks: the largest predatory lending settlement and the largest loan modification program.
Understanding the Bailout Rescue Plan
- By:
- Tom Kerr - MortgageLoan.com | October 06, 2008
The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed after causing widespread controversy in Congress and an extreme backlash from the general public. It won't cure our economic problems, but should revive paralyzed credit markets.
House Set to Vote Again on $700 Billion Bailout
- By:
- Bill Rice - MortgageLoan.com | October 03, 2008
Once again the fate of the $700 billion economic stabilization legislation sits in the chambers of the House of Representatives.
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