Skip to main content

FDIC Slaps Former IndyMac Chief Perry With $600 Million Suit

NationalMortgageProfessional.com
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. 
Published
Jul 07, 2011
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022