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.
Hey, all I did was re-post what you did the legwork on FRiend, as did Sloop earlier today.
Anyone can make the argument that Schumer only stated what was going to inevitably happen to IndyMac but that overlooks the fact that Schumer made the decision to go public with private statements regarding IndyMac’s liquidity (as stated by Freeper BusterBear up at post #22), which is a highly irresponsible thing to do.
It’s easy for Schumer to play fast and loose with the financial security of millions of Americans, he’s got his, and he’ll ride his golden parachute out of the U.S. Senate at whatever time he decides is the ‘right time’ to retire. He’s a corrupt ‘Rat from New York, and his kind are seldom turned out of office because the voters who keep putting him back in there are quite frankly either just as corrupt as he is, or as stupid as a bag o’ hammers - take your pick.
What is needed, and what I doubt this current Justice Department is capable of, is an investigation into Schumer’s actions in this affair, and if there is evidence of wrong doing, Schumer should be frog marched out of his office and into the slammer at least until he makes bail. The Feds need to send a message to anyone, elected official or not, who seeks to trash talk a financial institution to the point where rumors take on the power of fact, and depositors start losing confidence in the banking system.
To some who don’t like the way our banking system works, that might sound almost appealing but they shouldn’t kid themselves: an economic collapse is exactly what our foreign enemies want, because in their minds it hastens the demise of the United States, and our domestic enemies likewise seek economic collapse (and I’m talking about Democrats here) because they see it as a guaranteed pathway back to controlling all three branches of government.
God help us if that happens.