IndyMac Bancorp Inc. (IDMC.PK) is currently under investigation by the FBI for possible fraud in connection with home loans the company made to risky borrowers. Indymac was taken over last Friday by the FDIC and assets were seized by federal authorities after the mortgage lender giant fell due to the credit crunch combined with tumbling home prices and the rising foreclosure rate.

Hundreds of customers waited in line to recover funds they had deposited into the failed bank and most deporsitors were granted immediate access to up to $100,000 held in their accounts with a threshold set at 50% for recovery of funds above the $100K mark. Fortunately for retirees and families, customers with joint accounts or retirement accounts were allowed to withdraw greater amounts.

IndyMac isn’t alone in under the FBI’s scrutiny. At least 21 other companies, including Countrywide Financial, are currently under investigation due to possible fraud tied to the subprime mortgage crisis. Authorities are looking into over 1,400 cases of mortgage fraud nationwide and at more than 400 real estate player who have been indicted since March 2008.

More information about the FBI investigation ofIndyMac is available at the following sites :

• Time Magazine - FBI Investigating IndyMac Bancorp
• Courant.com - FBI investigating possible home-loan fraud at IndyMac Bancorp.
• The Street - FBI Probing IndyMac, Report Says
• Reuters - FBI probing IndyMac for possible fraud: report