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Dochow limited the scope of a review by OTS regulators of Indy Mac's portfolio of loans and other assets, overruling the advice of others in the agency. Dochow played a central role in the savings-and-loan scandal of the 1980s, overriding a recommendation by federal bank examiners in San Francisco to seize Lincoln Savings, the giant savings and loan owned by Charles Keating. Reich called the backdating irregularity "a relatively small factor" in the collapse of Indy Mac.
On February 26, 2009, the Treasury Department's inspector general released a report citing laxity at the OTS under Reich for adding significantly to the .7 billion in FDIC losses from the Indy Mac failure, as well as the estimated 0 million in losses suffered by uninsured depositors.
The bank had focused on stated income and other aggressively underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida. Schumer publicly released letters he had previously sent to Reich's agency and others, suggesting that Indy Mac bank was in danger of failing and that the danger was being ignored.
In the weeks that followed, Director Reich blamed Schumer's release of the letters for instigating Indy Mac's collapse.
OTS later acknowledged that in the case of AIG it failed to take regulatory actions it should appropriately have taken as early as 2004.
There is an unquantified social cost to industry consolidation that is attributable to the weight of accumulated regulatory burden. Senator Connie Mack (R-FL), before joining the FDIC.Bush to be Director of the Office of Thrift Supervision (OTS), and the U. As Deputy Chairman, 2001–2005, Reich served as the Chair of FDIC's Audit Committee during a time when the General Accounting Office issued reportable conditions regarding information security at the Corporation.Reich took the oath of Director of OTS on August 9, 2005 and continued in that capacity as well as serving as a member of the FDIC Board of Directors until he resigned on February 12, 2009 and stepped down February 27, 2009.He also cited the increased sales of alternative or nontraditional mortgage lending products like "interest-only" and "pay option" adjustable rate mortgage (ARMs).These loan products were legitimate and valuable, according to Reich, suggesting the main danger was from institutions with limited experience in these loans and managing the associated risks, particularly the inherent credit risks.
Dochow for allowing Indy Mac to backdate a capital infusion of $18 million from its parent company so that the bank would appear "well capitalized" in its 10-Q for the period ending March 31, 2008.