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SEC files fraud lawsuit against three former IndyMac executives [Updated]
Money & CompanyTargeting executives of the housing boom's biggest stated-income lender, the Securities and Exchange Commission has accused former IndyMac Bancorp Chief Executive Michael W. Perry and two former chief financial officers of defrauding investors at the... -
Lenders tighten mortgage rules
Dow Jones News ServiceIt takes more than good credit to get a mortgage these days. Lenders across the country, stuck with piles of loans investors wouldn't buy, are jacking up rates and imposing stricter requirements on even the most creditworthy borrowers. And once again, to...Tags: Homes, Los Angeles, Marketing, Real Estate Buyers, Wells Fargo & Co.
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Banking clarity
![The federal government has taken over 17 failing banks and thrifts this year, seizing them at a rate three times faster than last year. At that pace, it will "nationalize" 85 banks by year's end, compared with three -- yes, three <em style="i">three </em>-- in 2007. Yet many analysts and investors wonder whether the government should be taking over more financial institutions, particularly a number of "too big to fail" firms that may not have the money to cover their expanding losses. The push for nationalizing big, troubled firms is coming from liberals and conservatives alike, as is the resistance. President Obama, Federal Reserve Chairman Ben S. Bernanke and other top administration officials have spoken out against nationalization, yet their comments haven't provided much reassurance to investors fearful of being wiped out by a federal takeover. That uncertainty is hampering the financial industry's recovery, potentially dragging the government -- and taxpayers -- more deeply into the mess.](http://www.latimes.com/media/thumbnails/story/2009-03/45565132-13165258.jpg "The federal government has taken over 17 failing banks and thrifts this year, seizing them at a rate three times faster than last year. At that pace, it will "nationalize\" 85 banks by year's end, compared with three -- yes, three <em style=\"i\">three </em>-- in 2007. Yet many analysts and investors wonder whether the government should be taking over more financial institutions, particularly a number of \"too big to fail\" firms that may not have the money to cover their expanding losses. The push for nationalizing big, troubled firms is coming from liberals and conservatives alike, as is the resistance. President Obama, Federal Reserve Chairman Ben S. Bernanke and other top administration officials have spoken out against nationalization, yet their comments haven't provided much reassurance to investors fearful of being wiped out by a federal takeover. That uncertainty is hampering the financial industry's recovery, potentially dragging the government -- and taxpayers -- more deeply into the mess.")
The federal government has taken over 17 failing banks and thrifts this year, seizing them at a rate three times faster than last year. At that pace, it will "nationalize" 85 banks by year's end, compared with three -- yes, three three -- in 2007. Yet...Tags: Politics, Derivative Securities, Consumers, Bank of America Corp., Government
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IndyMac Bank seized by federal regulators
Los Angeles Times Staff WriterThe federal government took control of Pasadena-based IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history. The Office of Thrift Supervision in Washington, the chief regulator of IndyMac, said it transferred...Tags: Pasadena (Los Angeles, California), Washington (U.S. state), Los Angeles Times, Illinois, Politics
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Adjustable loans spur new worries
Los Angeles Times Staff WriterThe no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply....Tags: Stockton, Lodi (San Joaquin, California), Golden West Financial Corporation, Newport Beach, Small Businesses
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IndyMac to cut 2,400 jobs
Los Angeles Times Staff WritersIndyMac Bancorp Inc., a major nationwide home lender based in Pasadena, said Tuesday that it would eliminate 2,400 jobs, or 24% of its remaining workforce, in reaction to "gut-wrenching" changes in the mortgage business. The cuts are in addition to 1,...Tags: Pasadena (Los Angeles, California), Charlotte, Layoffs and Downsizing, California, Career and Workplace
Feb 11, 2011
| Los Angeles Times
Aug 24, 2007
|Story| Chicago Tribune
Mar 15, 2009
|Story| Los Angeles Times
Jul 12, 2008
|Story| Los Angeles Times
Jan 14, 2008
|Story| Los Angeles Times
Jan 16, 2008
|Story| Los Angeles Times
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