IndyMac Bank's troubles far from over

WASHINGTON The FBI in reportedly investigating the failed lender, but the FBI has not confirmed the probe. Sources said the probe involves whether or not IndyMac engaged in fraud when making home loans to risky borrowers.

The FBI's mortgage fraud case load has doubled in the past three years.

IndyMac specialized in Alt-A loans, where some people applying for a loan did not fully document their incomes. The FDIC is now in control of the bank, but the federal takeover has yet to ease concerns at other banks.

According to the L.A. Times, some IndyMac customers who closed their accounts are not able to deposit their checks elsewhere, or face extended holds on their funds.

One customer told the Times that Washington Mutual told her it was not accepting IndyMac checks, but if she insisted on depositing it, the money would not be available for two months.

Washington Mutual and Wells Fargo are accepting IndyMac checks, but they're placing holds on them as a precaution. Wells Fargo said it was concerned about people possibly trying to take advantage of the situation and creating fraudulent checks, and trying to cash those checks at other banks.

The FDIC and IndyMac Federal are looking into that situation.

Any IndyMac customers with questions can call the FDIC hotline at (866) 806-5919.


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