March 27, 2009 |
U.S. Treasury Secretary Timothy F. Geithner named John E. Bowman acting director of the Office of Thrift Supervision, which regulates the savings and loan industry. Scott M. Polakoff, formerly acting director, is on leave, pending a review by the Treasury Department of the OTS' actions last year "related to post-period capital contributions," the agency said Thursday in an e-mailed statement. Bowman was deputy director and chief counsel at the OTS.
February 28, 2009 |
After selling her Orange County home, Cheryl Hodgson parked an escrow check for about $360,000 with IndyMac Bancorp. Less than a month later, the Pasadena-based thrift was seized by the federal government -- and Hodgson lost $130,000. "I looked around at the interest rates and saw that IndyMac was offering a really good rate," Hodgson said. "You would think someone at the bank could have explained to me that I was putting in money well above the insurance limit."
February 27, 2009 |
Federal regulators ignored repeated warning signs about Pasadena's IndyMac Bancorp., and their failure to prevent the mortgage lender's collapse last summer cost the Federal Deposit Insurance Corp. $10.7 billion, according to a government report released Thursday. The report by the Treasury Department's inspector general said regulators should have seen that IndyMac was built on a house of cards -- shaky loans based on inflated property values.
January 31, 2009 |
Federal regulators said Friday that they had allowed four thrifts besides failed IndyMac Bank to improperly backdate infusions of capital. In a letter to Treasury Secretary Timothy F. Geithner, John Reich, the director of the Office of Thrift Supervision, did not identify the four S&Ls. The thrift regulator is an arm of the Treasury Department. The Times reported Dec. 23 that Treasury investigators had found that Darrel W.
September 6, 2008 |
Downey Financial Corp. has been under intense regulatory scrutiny since at least June, according to filings it made with the Securities and Exchange Commission on Friday. The investigation and pressure from the Office of Thrift Supervision may explain abrupt management changes by the Newport Beach-based lender and its decision to seek a capital infusion or a sale. Downey, hurt by a surge in mortgage defaults, was talking with the Office of Thrift Supervision in June about boosting its reserves, according to the filings.
August 28, 2008 |
Nearly 1 million individuals and businesses filed bankruptcy in the 12 months ended June 30, according to U.S. Bankruptcy Court data released Wednesday. There were 967,831 bankruptcy cases filed since July 1, 2007, up 28.9% from the prior 12 months, when cases totaled 751,056. The largest percentage increase, 60.9%, was in the court system's ninth district, which includes California, Arizona and Nevada, states where the housing meltdown has been especially severe. Filings spiked to 276,510 in the three months ended June 30 to the highest level of quarterly filings since late 2006.