DISQUS

Blown Mortgage: Romanticizing Greed: The New York Times and Indy Mac

  • anajay · 1 year ago
    I remember talking to friends who used to send all of their loans to IndyMac. They would get max value on a “pushed” appraisal, an exception on a credit score under 620 and a maximum rebate on their pay option ARM loans that yielded them tens of thousands of dollars per transaction.

    I worked for just such a broker, as his processor. This is no heresy; it happened so much, to such a disgusting degree, that I resigned that loan officer. I had done 5 years at Countrywide, fighting pressure to alter incomes on Fast & Easy, to demand certain values from appraisers, and on and on. But it was this guy, this IndyMac enthusiast, that really drove me to say, "Enough!"

    He also just LOVED to work with AHM.

    Go figure.
  • Hezekiah · 1 year ago
    Let's not let two-buck-Chuck Schumer off the hook so quickly. Indymac was like a patient on life support in the ER. His injuries are a result of his own reckless driving. Chuck's actions were equivalent to yanking life support from the patient. Would the patient have survived? We'll never know now, will we?