Hot news from AZ Home Help:
Posted To: Pipeline Press
IndyMac is back in the news. Last week a jury ordered three former IndyMac loan officers (in the homebuilder division) to pay $168 million to the FDIC for negligently approving 23 loans to developers who never repaid them. The FDIC said the lenders had "significant departures from safe and sound banking practices," driven by a desire to get bonuses. Here is the dirty laundry . And folks wonder why the lending industry is cautious about making loans... "Rob, is there a better alternative being discussed to credit score underwriting? For example Mississippi has the lowest scores in the nation, but also the lowest default rates." Not that I know of. In the "old days," Thornburg was known for doing "make sense" loans, and certainly the old subprime companies like Household or Beneficial (the training...(
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