More news about the holder of our mortgage: a Chapter 7 liquidation sale. I guess our re-finance plans are to be delayed (and our appraisal becomes worthless too)
Soon after the FDIC seized the company, it was disclosed that the firm was under scrutiny by the Federal Bureau of Investigation for possible mortgage fraud.
The Office of Thrift Supervision, which regulated IndyMac, said “the immediate cause” of the failure of the bank was statements made by New York Democratic Senator Charles Schumer.
Sen. Schumer, who publicly raised concerns about the bank’s solvency in late June, said he may have caused some depositors to withdraw their money but said he wasn’t responsible for the bank’s downfall. He said IndyMac’s lending practices and lax federal regulation are to blame for the failure of the thrift.