FDIC Sues Ex-IndyMac Chief Michael Perry for $600 Million
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The Federal Deposit Insurance Corp. sued former IndyMac Bancorp Inc. Chief Executive Officer Michael Perry, accusing him of causing more than $600 million in losses from risky mortgage loans that couldn’t be sold.
Perry acted negligently when he allowed IndyMac to generate and purchase $10 billion in loans for sale in the secondary market in 2007 when he knew that that market had become unstable and illiquid, the FDIC said today in a complaint filed in federal court in Los Angeles.