FBI Examining IndyMac Bank For Possible Fraud.

The FBI is looking into whether failed IndyMac Bank committed fraud in making home loans to risky borrowers, The Associated Press reported Wednesday. More on the story.

Unlike IndyMac, Wells Fargo seemed to be doing well. From the Wells Fargo website:

Wells Fargo Increases Dividend 10 Percent
21st consecutive year of increased dividend
San Francisco — July 16, 2008

Wells Fargo & Company (NYSE: WFC) today announced a quarterly common stock dividend of 34 cents per share, up 10 percent from the previous dividend of 31 cents per share – the 21st consecutive year Wells Fargo has increased its dividend. The dividend is payable September 1, 2008, to stockholders of record on August 8, 2008. The Company has approximately 3.3 billion shares outstanding.

“This increase, which reflects the Company’s performance and our confidence in its long-term growth, is possible because of our time-tested vision and values, diverse business model and our talented team that collaborates so well as One Wells Fargo to satisfy all our customers’ financial needs,” said Chief Financial Officer Howard Atkins. “Wells Fargo is one of only a few financial institutions that have continued to increase its annual dividend, which now exceeds $4.5 billion.”
Wells Fargo dividends have increased at a 15 percent compound annual growth rate since 1988. Among all U.S. companies in the last year, Wells Fargo paid the 14th largest total dividend. With dividends reinvested, Wells Fargo stock has increased 67 percent in value since June 1998 – a compound annual growth rate of 5.3 percent – compared to -0.76 percent for the Keefe Bruyette Woods bank index and 2.9 percent for the S&P 500® stock index.

Wells Fargo on Wednesday reported record revenue of $11.5 billion for the second quarter, up 16 percent from the comparable period in 2007.Wells Fargo did make subprime loans, but it steered clear of most exotic kinds that have fared the worst in the recent downturn.