I think the FBI is tapping into this forum,

FBI investigating Indymac for fraud

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.

The California-based bank was taken over by federal regulators last week.

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.

In a written statement, the FBI didn't specifically comment on Indymac but noted that it is investigating 21 corporations in the subprime lending market for possible mortgage fraud.

"We receive information from a variety of sources on a daily basis, and we have an obligation to review each allegation on its own merits," the statement said. "Given the volatility of today's subprime market, we have seen an increase in subprime related complaints."

The statement said that in order to protect the integrity of its investigations, the bureau does not comment about or confirm specific companies that may be under scrutiny.

Read more...

Source: FBI investigating Indymac for fraud - CNN.com

I've heard this elsewhere...

It's not the "Enron" type of fraud...It's on the lower end...

There's accusations that mortgage brokers (the grunts that actually dealt with the customers) were "fudging" the numbers...

They make money on commissions of the loans they can get cleared...So the allegation is that they would give loans to people that weren't qualified by changing certain numbers (like income or credit rating) to make it LOOK like the borrower was qualified...loan goes through, they get their commission...

__________________
"You get the respect that you give" - cnredd

I just enjoy the fact that they are looking for a way to find them accountable, without screwing over the entire country. These aren't the only ones, last I read they had a growing list of companies that they are investigating for this same type of thing. Here it says in the 20s, but I read they're in the 30s and growing.