California Real Estate Fraud Report

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IndyMac Created Its Own Demise

A new report from the Center for Responsible Lending, published June 30, reveals that lender IndyMac brought on its own collapse by throwing historical underwriting standards out in favor of increasing the volume of closed loans.

Interviews with former employees and reviews of current lawsuits point to a company that, rather than being a victim of dishonest borrowers and mortgage brokers, numbers meant everthing. And when the numbers didn’t work, there was always someone higher up the food chain ready to overrule the underwriters’ declining of a loan.

Mike Hudson, a CRL senior investigator and the study’s primary author states that

“IndyMac’s current problems appear to be largely the legacy of top-down pressures that valued short-term growth over making responsible lending decisions. These are the kinds of actions that have produced record-breaking foreclosures and weakened our entire economy.  Lenders engaged in reckless lending and, unfortunately, the entire country is paying for their actions now.”

Read the Full Article on the Center for Responsible Lending website.

© Copyright 2007-2017 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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