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Monday Morning Cup of Coffee takes a look at news crossing HousingWire’s weekend desk.
Things are shaking up as the Federal Deposit Insurance Corp. civil lawsuit against IndyMac gets under way. Three former executives of the Pasadena, Calif.-based housing lender are being charged with negligence in approving 23 ill-advised homebuilder loans.
Scott Van Dellen, Richard Koon and Kenneth Shellem oversaw IndyMac’s homebuilder division. The former executives approved loans that were never repaid by homebuilders or developers, which cost the bank about $170 million.
“They violated their duties to the bank,” said Patrick J. Richard, the lawyer representing the FDIC. “They violated standards of safe and reasonable banking.”
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