Doesn't this seem to be a bit too late? Are they really saying that only now they're investigating fishy lending practices? Where the heck was the oversight when we needed it?
Now-defunct IndyMac Bancorp Inc. is under investigation by the FBI for possible fraud in connection with home loans made to risky borrowers, The Associated Press has learned.
It was not immediately clear how long the FBI's probe of the bank has been ongoing.
The investigation is focused on the company — which was taken over last Friday by the FDIC — and not individuals who ran it, a law enforcement official said Wednesday. The official spoke on the condition of anonymity because he was not authorized to speak publicly about the investigation.
IndyMac Bank's assets were seized by federal regulators after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.
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