California Real Estate Fraud Report

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21
Jul

Is the FDIC a Predatory Lender Too?

The Wall Street Journal is reporting that the Federal Insurance Deposit Corporation (FDIC), rather than being a white knight chartered to protect the assets of depositers, may have engaged in the same risky subprime lending practices that have led to the real estate economic crisis in the U.S.

In the early 2000s, the FDIC was supervising (= running) the operations of Illinois-based Superior Bank, FSB. During its oversight period, about $550 million worth of subprime loans were written, many of which have subsequently defaulted. Beal Bank, SSB bought a portfolio of those loans and has since then filed suit, claiming that many of the loans were improperly funded.

The FDIC’s most recent take over is Pasadena-based IndyMac.

Read the Full Article in the Mortgage News Daily.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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