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Indymac Bank: Fraud
July 12, 2008
By Jason Werner
IndyMac Bank’s (my mortgage lender) assets were seized yesterday evening by federal
regulators, the same federal regulators to whom I’ve been complaining for more than
six months regarding the Bank’s fraud. This is the second largest failed financial
institution in history.
http://www.indymacbank.com/
http://video.knbc.com/player/?id=275106
And of course, CNN, Fox News, USA Today, and many other news agencies think the
bank’s collapse was due to the housing crisis and mortgage crisis. Fact is, IMB was
filled with liars starting with former Chairman and Chief Lying Officer, Michael W. Perry.
I wrote in a plea for help yesterday regarding my lucid problems with IndyMac. I’ve been
praying for the Bank to get shut down and made my plea more public yesterday. (My
article early yesterday obviously had nothing to do with the Bank closing later in the day,
as the Bank was on its last few pennies anyway.)
They burned me pretty good, but it doesn’t take a genius to discover their lies. The
Board of Directors, along with Michael W. Perry and Richard Wohl lived their criminal
deception for years. How do I know this? Study the bank’s financials. Just pick up a box
of files or audit any one of their units: It’s all over the place (deposits, mortgages,
securities reports, shareholder conference calls, etc.). The public has been absolutely
misled by this abusive company. Look, they know how to hide things, just look at how
they do business as well. My mortgage loan is what opened my eyes. These guys have
been lying to me for more than a year while I was building my house. As I did more
research, I found more fraud.
I tipped the FBI at (216) 522-1400 and (202) 324-3000 many months ago. I also
complained to the FTC. And Barbara L. Shycoff, Managing Director – External Affairs,
received many voice mail messages from me (She’s at the Office of Thrift Supervision).
I even sent an email to John Reich many months ago. They said they’d look into it, and
from my understanding, they still are.
Now that the company is defunct, I hope stakeholders get justice in the name of Jesus
Christ. And I hope the FBI investigates the following (where other white-collar crimes
occur): Citi, Wells Fargo, Countrywide (now under Bank of America), WaMu, National
City, Fifth Third, Cincinnati Financial, Cincinnati Insurance, Key, U.S. Bank, Merrill Lynch,
Legg Mason, Morgan Stanley, UBS, MetLife, Northwestern Mutual Financial Network,
Wachovia, BankUnited, and many others.
So what’s the answer to fix the mortgage problems in America? FHA, right? Way wrong
answer. FHA is a total subprime mess. People need to understand that FHA loans are
not only communist in origin like Freddie Mac and Fannie Mae, but they are bottom
feeders.
We’re going back to the days of subprime lenders like Option One, Freemont, and
Eastern Savings. These guys were filthy. And they did “foreclosure bailouts,” whereby a
borrower could be bought out of foreclosure if there was at least 25 percent equity in the
property, but the terms were rough. FHA, although the rates are better for their
foreclosure bailout programs, they’re dealing with risky borrowers. FHA will even go
down to a 580 credit score and in other cases, they don’t even care about your credit
score if your ratios (monthly debts compared to monthly income) look good.
Congress must act to allow capitalism to have its way. Congress must also act to find a
way to go after cheating and lying banks: The fraud must stop now.
Cease and Desist letter to me
This is the kind of unprofessionalism I’m talking about at IndyMac Bank. This shows a
major lack of transparency: http://www.pursuethetruth.com/business/letter.htm
Center for Responsible Lending: http://www.responsiblelending.
org/pdfs/indymac_what_went_wrong.pdf
This one cracks me up: A public statement by Michael W. Perry on May 1st …
“Given the decline in our stock price, some people have questioned IndyMac’s
survivability in the current environment,” Perry said. “I am here to tell you that I believe
we have turned a corner and that our business is improving.”
Look, I shouldn’t be too rough on Michael Perry. He’s not much different than CEOs and
CFOs of other banks. C’mon feds, let’s fix America the right way.
###
July 12, 2008
By Jason Werner
IndyMac Bank’s (my mortgage lender) assets were seized yesterday evening by federal
regulators, the same federal regulators to whom I’ve been complaining for more than
six months regarding the Bank’s fraud. This is the second largest failed financial
institution in history.
http://www.indymacbank.com/
http://video.knbc.com/player/?id=275106
And of course, CNN, Fox News, USA Today, and many other news agencies think the
bank’s collapse was due to the housing crisis and mortgage crisis. Fact is, IMB was
filled with liars starting with former Chairman and Chief Lying Officer, Michael W. Perry.
I wrote in a plea for help yesterday regarding my lucid problems with IndyMac. I’ve been
praying for the Bank to get shut down and made my plea more public yesterday. (My
article early yesterday obviously had nothing to do with the Bank closing later in the day,
as the Bank was on its last few pennies anyway.)
They burned me pretty good, but it doesn’t take a genius to discover their lies. The
Board of Directors, along with Michael W. Perry and Richard Wohl lived their criminal
deception for years. How do I know this? Study the bank’s financials. Just pick up a box
of files or audit any one of their units: It’s all over the place (deposits, mortgages,
securities reports, shareholder conference calls, etc.). The public has been absolutely
misled by this abusive company. Look, they know how to hide things, just look at how
they do business as well. My mortgage loan is what opened my eyes. These guys have
been lying to me for more than a year while I was building my house. As I did more
research, I found more fraud.
I tipped the FBI at (216) 522-1400 and (202) 324-3000 many months ago. I also
complained to the FTC. And Barbara L. Shycoff, Managing Director – External Affairs,
received many voice mail messages from me (She’s at the Office of Thrift Supervision).
I even sent an email to John Reich many months ago. They said they’d look into it, and
from my understanding, they still are.
Now that the company is defunct, I hope stakeholders get justice in the name of Jesus
Christ. And I hope the FBI investigates the following (where other white-collar crimes
occur): Citi, Wells Fargo, Countrywide (now under Bank of America), WaMu, National
City, Fifth Third, Cincinnati Financial, Cincinnati Insurance, Key, U.S. Bank, Merrill Lynch,
Legg Mason, Morgan Stanley, UBS, MetLife, Northwestern Mutual Financial Network,
Wachovia, BankUnited, and many others.
So what’s the answer to fix the mortgage problems in America? FHA, right? Way wrong
answer. FHA is a total subprime mess. People need to understand that FHA loans are
not only communist in origin like Freddie Mac and Fannie Mae, but they are bottom
feeders.
We’re going back to the days of subprime lenders like Option One, Freemont, and
Eastern Savings. These guys were filthy. And they did “foreclosure bailouts,” whereby a
borrower could be bought out of foreclosure if there was at least 25 percent equity in the
property, but the terms were rough. FHA, although the rates are better for their
foreclosure bailout programs, they’re dealing with risky borrowers. FHA will even go
down to a 580 credit score and in other cases, they don’t even care about your credit
score if your ratios (monthly debts compared to monthly income) look good.
Congress must act to allow capitalism to have its way. Congress must also act to find a
way to go after cheating and lying banks: The fraud must stop now.
Cease and Desist letter to me
This is the kind of unprofessionalism I’m talking about at IndyMac Bank. This shows a
major lack of transparency: http://www.pursuethetruth.com/business/letter.htm
Center for Responsible Lending: http://www.responsiblelending.
org/pdfs/indymac_what_went_wrong.pdf
This one cracks me up: A public statement by Michael W. Perry on May 1st …
“Given the decline in our stock price, some people have questioned IndyMac’s
survivability in the current environment,” Perry said. “I am here to tell you that I believe
we have turned a corner and that our business is improving.”
Look, I shouldn’t be too rough on Michael Perry. He’s not much different than CEOs and
CFOs of other banks. C’mon feds, let’s fix America the right way.
###