Mortgage Loan Compliance | FDIC Sues Former IndyMac Executives

During the Savings and Loans Bank crisis of 1980’s and 1990’s the Federal Deposit Insurance Corp। filed dozens of civil complaints against officers and directors of failed institutions, including one against then Vice President Bush's son, Neil Bush.

This month the FDIC has filed a $300-million negligence lawsuit against four former executives at IndyMac Bank FSB, accusing them of granting loans to homebuilders who were unlikely to repay the loans। This is the first professional liability suit the FDIC has brought in connection with the more than 200 bank failures that began in 2008.

The four men accused operated the Homebuilder Division at IndyMac and according to court filings they approved 64 loans described in the 309-page lawsuit। A FDIC spokesman noted that the agency has three years from the date of the failure to file civil cases.

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