About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.


  1. 1
    Blurtman says:

    Former IndyMac officers found liable for $168 million in negligent loans

    Three former officers of IndyMac Bank FSB’s homebuilder division were found liable by a jury on Friday for more than $168 million for negligently lending to developers who were unlikely to repay millions of dollars in loans.

    The Federal Deposit Insurance Corp brought a civil lawsuit against the officers in 2010 in its capacity as receiver for the now-defunct IndyMac. The agency alleged that the officers of “significant departures from safe and sound banking practices” in an attempt to rev up IndyMac’s loan production despite warnings about an imminent market decline.

    Read more: http://www.foxbusiness.com/news/2012/12/07/former-indymac-officers-found-liable-for-168-million-in-negligent-loans/#ixzz2EU4qS7oV

  2. 2
    ChrisM says:

    Of course, another good quote from the article: [the defense attorneys] “note that neither Portmann’s superiors nor the loan recipients have been prosecuted for their respective roles.”

    Would be interesting to ask why no prosecutions against those actually in charge… I’m sure we’ll be seeing charges Any Day Now.

  3. 3

    RE: ChrisM @ 2 – I had that same thought, although it could be defendant attorney spin.

    But what came to mind was those basic psychology experiments, where they have a confederate in a room filling with smoke, and the confederate is supposed to act calm. With that, others remain calm, even though apparently the building is on fire.

    Imagine if you will that you’re a new employee, a bit short on cash when you got the job, and when you get there some things seem very strange, but everyone else is acting like every procedure and decision is just fine. That psychology experiment would suggest most people would go along and get involved with the same activity. And in this case, it’s likely those type of people were the ones being prosecuted!

  4. 4

    Portmann and others are due to be sentenced Jan 28, 2013

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