Indy Mac May Be Investigated for Fraud

By now, almost everyone has heard of Indy Mac failing on Friday, July 11, 2008. Reports are saying that investigative measures are being considered. Oh, what a blessing!

Let me explain...

When real estate was hot, mortgage brokers and lenders (really real estate professionals) were your best friend. They were your doorway to riches and home ownership. Almost everyone you knew had "the best" agent, or new of one. However, that was mainly because everyone knew they could get a deal or two under their belt when lending guidelines were laxed and real estate prices were booming. Now-a-days, real estate agents are jumping through hoops to regain the trust they lost so easily (okay, not all agents, but the "agent" in general).

If Indy Mac's roots are investigated for falsifying documents, it may help clean up the real estate agent persona. To be honest, when real estate was hot, a real estate license was really a "license to steal." Mortgage brokers and agents were able to charge ridiculous points to get people into a house. When they falsified mortgage applications and income statements, there were doing injustice to more than just themselves, but to shareholders and depositors across the globe.

Once the mortgage mess settles, and real estate (on a national level) goes back to a normal state, will mortgage brokers and agents be redeemed from their corrupt counterparts. Indy Mac officials, employees, whatever their "title," I hope...have another thing coming.