One of the nations cornerstone financial institutions, IndyMac Bancorp Inc. has been reported to be the subject of an FBI probe linked to mortgage fraud in connection with home loans the company made to risky borrowers over the last few years. Indymac was bailed out last week by the FDIC with their assets seized and a recievership appointed. Authorities believe the collapse was related to consumer woes over the credit crunch paired with declining home values and the rising foreclosure rate.

Hundreds of IndyMac customers waited in line for hours 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. 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.