Indy Mac and the FBI
Maybe I'm lucky, who knows, but time and time again I seem to have something go wrong only to turn out to be in my best interest later on. If you read my post earlier this week about my attempt to purchase a condo in Pennsylvania to live in you would know I was complaining about the bank I was using "closing up shop" and not accepting new loans. Today Amber e-mailed me a clip from CNN.com, "A source said the federal government is looking into whether the bank engaged in fraud."
The FBI launched a probe on Indymac Bancorp for fraud activities involving loans. Many of these are sub-prime loans, which I can only imagine the amount of fraud they have. Only 3 years ago I obtained a loan that was easier than getting a credit card. I have pay statements ready to show and they basically told me they didn't require them and asked, "how much do you make?". Now this crisis is upon us.
What bank will be next? Any guesses?
- jamz's blog
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