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July 18, 2008
IndyMac Under FBI Investigation
According to the AP, IndyMac Federal Bank, is being investigated by the FBI for possible fraud in connection with home loans made to risky borrowers. AP spoke to an official, who said that the investigation is focused on the company itself and not individual company employees.
AP went on to say that the investigation of IndyMac is part of a larger investigation the FBI is doing into companies connected to the wave of subprime mortgage failures. According to the story, the indictions made last month against two former Bear Stearns mangers who were charged with conspiracy and securities and wired fraud charges was the first time criminal charges were brought to a Wall Street company concerning subprime mortgages.
Posted by S. Germain at July 18, 2008 08:17 AM