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indymac collapses

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  • indymac collapses

    IndyMac Bank is the second largest financial institution to fail in US history.
    Regulators feared the California-based bank did not have enough cash to cope after panicked investors withdrew more than $1.3bn in 11 days and seized its assets.
    The business will reopen on Monday as IndyMac Federal Bank, under supervision of the Federal Deposit Insurance Corporation, which will try and find a buyer.
    IndyMac was founded in 1985 by David Loeb and Angelo Mozilo, who also founded Countrywide, another big mortgage lender whose loans helped fuel the housing boom.
    Countrywide was taken over last week by Bank of America Corp.
    IndyMac collapsed as shares in two of America's home loan institutions - Freddie Mac and Fannie Mae - saw their share prices slashed in half.


    Bovenzi reminded consumers that all accounts worth $100,000 and less are automatically insured by the FDIC, which has $53 billion in insurance funds. And he noted that there are ways to structure accounts so that more than $100,000 is covered.
    "If there are other bank failures in the coming weeks, I think the same message, if your accounts are under $100,000, you have absolutely nothing to worry about," he said. "You can still find ways to protect more if you like."
    Beyond $53 billion, he said the FDIC would have go to other banks to raise more money, adding that in that case, consumers could expect some of that to be passed on in fees.
    "Well, obviously it's a difficult time and there were certainly institutions that made loans that shouldn't have been made," he said. "There are standards being put out, hopefully, at institutions with better underwriting going forward so that this problem doesn't repeat itself."

  • #2
    Re: indymac collapses

    They service my mortgage. So the only thing that they pay my taxes on time. I am not too concerned about the money in escrow, since it is <$10k so it should be insured. Even if it isn't, I'm sure the contract is written such that if they "lose" it I won't be out the money; but if they don't pay the taxes properly that could be a real PITA to sort out.

    Comment


    • #3
      Re: indymac collapses

      I don't watch the news much but this was just on. What's interesting about this is that they had an actual "run on the bank".

      People demanding moneys that aren't available that rapidly. Makes people go into panic and get real pissed.

      J.C.

      Comment


      • #4
        Re: indymac collapses

        Originally posted by JCsPlumbing View Post
        I don't watch the news much but this was just on. What's interesting about this is that they had an actual "run on the bank".

        People demanding moneys that aren't available that rapidly. Makes people go into panic and get real pissed.

        J.C.
        The ones that are pissed are the ones that had over $100,000 in the bank. You gotta spread your money around
        I love my plumber

        "My Hero"

        Welcome, Phoebe Jacqueline!

        Comment


        • #5
          Re: indymac collapses

          Another 150 banks will follow in the next 18-24 months.


          And my favorite beer got bought by Belgium.


          Time to end it all right now! Click image for larger version

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          Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

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          • #6
            Re: indymac collapses

            Originally posted by DUNBAR View Post
            Another 150 banks will follow in the next 18-24 months.


            And my favorite beer got bought by Belgium.


            Time to end it all right now! Click image for larger version

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            I just HAD to send that photo to people!
            I love my plumber

            "My Hero"

            Welcome, Phoebe Jacqueline!

            Comment


            • #7
              Re: indymac collapses

              Possibly. What's stupid is the panic of the people. And especially our older population.

              Things are ok. The panic is what causes problems.

              J.C.

              Comment


              • #8
                Re: indymac collapses

                That's the vehicle we're gonna' use at my clinic.

                J.C.

                Comment


                • #9
                  Re: indymac collapses

                  Originally posted by JCsPlumbing View Post
                  That's the vehicle we're gonna' use at my clinic.

                  J.C.
                  Perfect! Don't forget, you will need a lawyer to sign all the contracts at your clinic. I recommend Dewey, Cheatem, & Howe
                  I love my plumber

                  "My Hero"

                  Welcome, Phoebe Jacqueline!

                  Comment


                  • #10
                    Re: indymac collapses

                    What is really going on in the U.S. with banks going to the wall and the sub prime not reaching bottom yet from reading your posts no one seems to be worried if this was happening in Australia we would be climbing the walls by now but you all seem so layed back dosen`t it effect any of you.

                    Tony

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                    • #11
                      Re: indymac collapses

                      AFM. some are indeed worried, but we went through this same crap in the 80's
                      sigpic

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                      • #12
                        Re: indymac collapses

                        Originally posted by NHMaster3015 View Post
                        AFM. some are indeed worried, but we went through this same crap in the 80's
                        Yes we did to, but its different know with the sub prime debacle and major U.S. banks go to the wall, it hasn`t hit us yet but feel it will as mortgage rates here are at 9.5% now and people here are feeling the pinch.

                        Tony

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