California Real Estate Fraud Report

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FDIC Filing Lawsuits Against Officials of Some Failed Banks

Attorneys for bank officers and directors of lending institutions that failed due to possible fraud and breach of fiduciary duty can expect some of their clients to be charged in lawsuits by the FDIC, which is seeking to recoup some of its losses due to the collapse of the housing market nationwide.

Richard Osterman, the FDIC’s acting general counsel, has said that the FDIC only sends out letters after “careful investigation.” Jeffrey A. Tisdale, a Los Angeles-based attorney who represents officers for five of the banks, said that the letters he has seen are “very detailed” and are eight to ten single-spaced pages of alleged wrongdoing.

The FDIC is hoping that many of the targeted officials will come forward and settle their cases, but if not, will file lawsuits. Criminal charges could also be part of what some of the former officials could be facing.

Pasadena-based IndyMac Bank was the first lending institution to be served with papers in a civil lawsuit, in July 2009, which seeks $300 million in damages for granting construction and development loans that were high risk.

Read the full article by Scott Reckard in the Los Angeles Times.

© Copyright 2007-2018 Monique Bryher

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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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