FDIC Slaps Former IndyMac Chief Perry With $600 Million Suit – NMP
Regulation and Compliance

FDIC Slaps Former IndyMac Chief Perry With $600 Million Suit

Jul 07, 2011

Michael Perry, the former chief executive officer of IndyMac, has been hit with a $600 million lawsuit by the Federal Deposit Insurance Corporation (FDIC) citing damages related to the sale of toxic mortgages. The FDIC contends in their complaint that Perry acted negligently in 2007 when he allowed IndyMac to generate and purchase approximately $10 billion in loans for sale in the secondary market when Perry had knowledge of the instability of the secondary mortgage marketplace.  When IndyMac was unable to sell the loans on the secondary market, it created more than $600 million in losses, says the FDIC.  The case, FDIC v. Perry, U.S. District Court, Central District of California, No. CV11-5561, was filed in federal court in Los Angeles. 
About the author
NationalMortgageProfessional.com
Link copied
Published
Jul 07, 2011
Get the NMP Daily
C-Suite Strategies
BOXABL Looks to Add Mortgage Lending to Its Homebuilding Business

The modular home manufacturer is pursuing a joint venture with OneTrust parent Warp Speed Holdings, targeting a 2027 launch

Modular home manufacturer BOXABL is looking to expand into mortgage lending through a proposed joint venture with Warp Speed Holdings, the parent company of OneTrust Home Loans, potentially opening a new origination channel in the growing factory-built housing market.The com...

Continue reading
Analysis and Data
Existing-Home Sales Hit 16-Year Low, More Declines May Be Ahead

October sales plunged 5.5% as high mortgage rates sidelined buyers, with economists warning the slowdown could extend into November and December closings

The housing market's fall slump is showing up in closed loans, and there may be more pain ahead for mortgage originators.Existing-home sales plunged 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the weakest pace since August 2010, according to figures...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
California Approves $25B Homebuyer Loan Program, Targeting New Construction

Proposition 37 could open new purchase lending opportunities, but financing costs and borrower qualification will determine its reach

Regulation and Compliance
Nov 11, 2026
When AI Takes Action: New Federal Framework Raises Questions

New federal banking guidance examines the risks of autonomous AI, from borrower communications to servicing transactions, with a focus on human oversight and accountability

Regulation and Compliance
Nov 10, 2026
States Tighten Mortgage Rules For Home Equity Investments

Massachusetts, Maine, and Illinois are expanding oversight of home equity financing

Regulation and Compliance
Nov 09, 2026
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

Regulation and Compliance
Nov 06, 2026
CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Regulation and Compliance
Nov 05, 2026
Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

Regulation and Compliance
Nov 02, 2026