Anybody have a link to those numbers and statements?
Non-Sequitur (reply 14) might be comforted.
I also have a feeling that a left-wing activist group may have been behind this too, and may have been the one that leaked Schumer's letter to the media. IndyMac was apparently very naive about politics.
Last summer, Schumer sent letters to a whole bunch of big mortgage lenders demanding all sorts of information about their loan portfolios and servicing practices. I know many conmpanies responded and gave him the information. Perhaps IndyMac told him to get lost.
On June 30, a shadowy left-wing group called the Center For Responsible Lending published a nasty "report" on IndyMac which accused it of all sorts of abusive lending practices. You can read the report here. It's rare to see groups like this single out a lender for such a diatribe. My guess is that CRL tried to shake down IndyMac for money and IndyMac told them to shove it. CRL has filed 10 lawuits against IndyMac and much of the "evidence" in their report comes from bogus claims in its lawsuits.
CRL has close ties to many Democrats on Capitol Hill, especially Rep. Brad Miller of North Carolina. I had not been aware of any particluar ties between CRL and Schumer, but it would not surprise me. Schumer sent his letter to the bank regulators the same day that CRL released its report on IndyMac.