IndyMac Seized By Federal Regulators Friday Night
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While this is not unexpected after the announcement of layoffs earlier in the week, it is still the largest bank failure in the past 24 years.
All of the corporate guys who think their banks are too big to fail and have approved the terrible loans that were funneled through banks like IndyMac have got to be getting nervous right about now. The banking structure used to be solid and reliable but after the lending blunders of the past few years I am sure most in the banking sector are scared whitless.
The closure followed a frenzied week during which IndyMac’s executives tried to bolster the ailing bank. IndyMac, based in Pasadena, Calif., stopped making new loans and announced layoffs of more than half of its 7,200 workers. But IndyMac’s customers, afraid their savings might disappear, stampeded tellers and demanded their money.
Most of IndyMac’s deposits are guaranteed by the Federal Deposit Insurance Corporation, which will operate the bank and try to sell it.
The run on the bank came after a critical letter about the bank from Senator Charles E. Schumer, Democrat of New York. Federal regulators said on Friday that Mr. Schumer’s letter had prompted the collapse by causing the run and scaring away potential acquirers. via NYTimes.com.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
ECONOMIC REPORT
'Prolonged' recession, higher joblessness seen likely
NABE survey indicates most economists now believe U.S. recession's started
By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Sandy on 12 July 2008:
need to find person(s) owning home in last 6 years, all records needed. Any ideas. 200 autumnbrook, sherwood, ar 72120
Comment by Sandy on 12 July 2008:
need information so exhusband is not flipping and keeping all money in diviorce. House sold in 2005 very sneaky way and now husband is pocketing money owed to our child and me.
Comment by John back pain Austin on 13 July 2008:
Those with multiple accounts under $100,000 are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.