About the Author
Moe Bedard is a leading expert and trusted authority in regards to loan workouts and loan modifications. Moe is the founder and President of Loan Safe Solutions, LoanSafe.org and the main contributor to LoanWorkout.org. He has blogged on this subject more than any other person on earth and has personally been involved in over 300 loan workouts and mortgage audits.
The FBI Investigates Indymac for Mortgage Fraud - Next Please!
When it rains it pours and when a bank fails, the FBI is going to find out why.
The facts are that the fraud and financial crimes ran rampant from all sides of the mortgage and real estate equation.
From the loan officers, appraisers, Realtors, notary publics, underwriters, account executives, managers, investors, brokerages, borrowers and the list can go on and on into eternity. But when it all comes down to finding the master minds of this fraud and world wide ponzi scheme, you can look no further than the king pins. The Don’s, Mozilo’s, the big wigs and the so called “untouchables” of the corporate world.
Also known as the banks.
This theory and goal of getting the big fish (the maestro of the crime or orginator of the drugs) is the same as in the crime world or drug wars.
The FBI and the DEA do go after the small time users and dealers (millions of them already), but it’s all done with one goal is mind, to use that little fish to catch the bigger fish and then the fisherman who caught that fish is reeled in and now the fisherman chain is broken and the whale is now on the line.
The whale is the banks folks.
WASHINGTON (CNN) – 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.
Indymac’s collapse was the second-largest bank failure in U.S. history.
A source 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.
Meanwhile, Josh Hochberg, the former head of the U.S. Justice Department’s fraud section, said that any investigation of Indymac would probably look into whether the bank used false information to give loans to people who wouldn’t have otherwise been eligible.
“I would suspect they are looking at bad appraisals, bad underwriting, which would mean false statements on loan applications, some of which require federal forms to be filled out — so they can be prosecuted for the false statements,” he said. “I would also suspect they would look at false statements to the investing community for securities fraud violations.”
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Jul 17th, 2008 at 11:43 am
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