The corruption at Indy Mac

[muzie_IHB]

IndyMac didn't fail just because of bad luck apparently. Here is what the prior chief appraiser at Indy Mac has to say about the work environment when he worked there from 2001 to 2002. That was BEFORE the bubble mind you, so one can only guess how f* up the place must have become in the bubble years.



<a href="http://appraisersforum.com/showthread.php?t=141764">My experience at Indy Mac</a>

 

[lawyerliz_IHB]

True, but they probably would have failed anyhow. Latger

rather than sooner.



Those phoney appraisals affected everybody, even

honest appraisers. If there is a whole bunch of really high

comps, they simply can't be ignored. A kind of Gresham's law

of appraisers--bad ones driving out good ones, or forcing the

good ones into high appraisals. (By the way, the said Gresham

was a pirate, along with Drake and

Raleigh!!)