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Jury: Ex-IndyMac Execs Must Pay $169 Million for Negligent Loans + MORE

Three former IndyMac Bancorp Inc. executives must pay $169 million in damages to federal regulators for making negligent loans to homebuilders as the real estate market was deteriorating, a jury decided.

The federal court jury in Los Angeles issued the verdict against Scott Van Dellen, the former chief executive officer of IndyMac’s Homebuilder Division; Richard Koon, the unit’s former chief lending officer; and Kenneth Shellem, the former chief credit officer. Jurors yesterday found them liable for negligence and breach of fiduciary duty.

The jury awarded the damages to the Federal Deposit Insurance Corp., which brought the lawsuit in 2010…


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Economist Tom Lawler sent me the following preliminary table today of short sales and foreclosures for a few selected cities in November.There will be more cities added soon.For all of these cities, the percentage of foreclosures is down from a year ago.   The percentage of short sales is up in Las Vegas and Reno, but down in Phoenix and in the mid-Atlantic area…

Continue Reading On CalculatedRiskBlog.com »