FBI Begins Fraud Probe of IndyMac Mortgages

Related Newser Stories

• Feds Seize 2 Failed Banks

  Jul 26, 08 6:07 AM CDT
  The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US this year, and banking regulators warn more are likely to follow.
  More »

• Failed FDIC-Run Bank Added Fuel to Subprime Fire

  Jul 21, 08 9:21 AM CDT
  An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas bank that bought a portfolio of the loans is suing the government. More »

• FDIC Hunts for IndyMac Buyer

  Jul 14, 08 2:40 PM CDT
  The Federal Deposit Insurance Corporation is looking to sell recently capsized IndyMac as a whole to one healthy bank, an executive told Reuters today. The FDIC took over IndyMac on Friday after nervous customers withdrew more than $1.3B in 11 days. "I don't expect there will be large bank failures," COO John Bovenzi said. "There will be small bank failures." More »

• IndyMac Failure Exposes Risk for Uninsured $$$

  Jul 12, 08 9:29 PM CDT
  IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone. But before trying to rescue your money, learn how insurance applies to different kinds of accounts: More »

• Feds Seize Failed IndyMac Bank

  Jul 11, 08 7:03 PM CDT
  As mortgage lenders Freddie Mac and Fannie Mae crowded the headlines today, Washington snatched up IndyMac Bank in the second-largest US bank failure in history, the Wall Street Journal reports. The Pasadena, Calif. savings and loan, which owns about $32 billion in assets, saw stocks fall from $45 last year to 28 cents this week as mortgage defaults piled up. It will reopen Monday under federal supervision. More »