Siyonara Indymac

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lendingmaestro_IHB

lendingmaestro_IHB

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Indymac was closed today at 3pm as FDIC employees physically walked into branches and told them to lock the doors. People were left outside knocking, begging to be let in. If you have any money in IMB make sure you get to the ATM before midnight and take out as much as you can. Go Sunday and do the same thing, then close your acct on Monday.
 
[quote author="lendingmaestro" date=1215849204]Indymac was closed today at 3pm as FDIC employees physically walked into branches and told them to lock the doors. People were left outside knocking, begging to be let in. If you have any money in IMB make sure you get to the ATM before midnight and take out as much as you can. Go Sunday and do the same thing, then close your acct on Monday.</blockquote>


I was just remarking to Ms. IPO last night about how good the rates on their CDs were looking, over 4% on a 6-month, and that maybe we'd put some of the cash for the condo sale there... I think I jinxed them :)
 
Their press release said this couldn't be done, but I'd try

to do it. It may be that the electrons in the cash machine haven't

been informed.



they sold ummm 60 branches to somebody. How is that

affected?



How many branches do they have. FDIC doesn't have that many

employees. How could they deploy more people than they have

in a shut-down of, say WaMu???
 
Astute, I wouldn't count on getting any interest after the shut down

date. Hope you are under 100k. I've heard that people over 100k

are getting 50 cents on the dollar. For now, anyway. See the endless

threads on Calculated Risk. I'd bet that you can access the whole

thing if it's under 100k.



Keep it under 100k people!!



Altho, at the Indymac rate of burn, FDIC only has enough moola to

save, say 10 to 15 banks. I presume the Feds will replentish if

necessary, tho it's supposed to be paid for by bank premiums.
 
[quote author="lawyerliz" date=1215850437]FDIC doesn't have that many

employees. How could they deploy more people than they have

in a shut-down of, say WaMu???</blockquote>


My guess is that in some cases they may use temporary employees.



Is it just me, or was it odd that CR was not in contact today and yet reminded everyone to check the FDIC website. :coolhmm:
 
[quote author="EvaLSeraphim" date=1215850909][quote author="lawyerliz" date=1215850437]FDIC doesn't have that many

employees. How could they deploy more people than they have

in a shut-down of, say WaMu???</blockquote>


My guess is that in some cases they may use temporary employees.



Is it just me, or was it odd that CR was not in contact today and yet reminded everyone to check the FDIC website. :coolhmm:</blockquote>


I thought the same thing. He remembered to forward date that post, even though he had no idea... or did he?
 
The FDIC instructed all employees to return to work on Monday. All wages remain the same, for now. The ATM machines and debit cards will work now and over the weekend.
 
[quote author="lendingmaestro" date=1215849204] If you have any money in IMB make sure you get to the ATM before midnight and take out as much as you can. Go Sunday and do the same thing, then close your acct on Monday.</blockquote>


LOL, you don't have to do that.



It's insured up to $500k. All your funds will still be there. But, I don't think anyone on this board has an acount with them anyway. We knew they were on their last legs.
 
No, it's 100k per individual and 200k per joint account.



III. Acquiring Financial Institution

All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA ("assuming institution") a newly chartered full-service FDIC-insured institution. The OTS appointed the FDIC conservator of IndyMac Federal Bank. All insured deposit accounts will be available as usual during regular business hours starting July 14, 2008.



Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.



All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 866-806-5919.





<img src="http://www.irvinehousingblog.com/wp-content/uploads/2007/07/big-mac-attack.jpg" alt="" />
 
So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?
 
[quote author="Shooby" date=1215854484]So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?</blockquote>


ING Direct
 
[quote author="c300" date=1215855029][quote author="Shooby" date=1215854484]So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?</blockquote>


ING Direct</blockquote>


ING is only giving 3.30%.



Shooby, I'm in the same boat - I have money at WaMu in an online CD that's maturing next week. I would prefer to lock it in for 1 year at an APY of 4.00% because that's a ok rate in today's market, but I'm concerned about availability of my funds if WaMu gets taken over by the FDIC. I feel somewhat better that the amount is under the $100,000 limit to qualify for the FDIC insurance. Still, I don't like the idea of worrying about it, but I'm too conservative to get into anything much more wild than a CD.
 
I wuz wrong about the ATMs. They are supposed to work.



Is this a reprieve for the fired workers?



The hub and I have money in WaMu which he refuses to move. Under

10k, just a checking account. It's too convenient.



This is why Roubini and Company are worrying about meltdown.



There isn't enough money In FDIC to pay for tons of banks going

under at the same time--big banks.



CR went hiking and has posted pictures. Maybe he posted by computer,

tho it doesn't look like there are any wifi or whatever in the pictures.
 
HELL NO, DO NOT USE ING.



They have HUGE amount of bad paper and mortgage insurance. Skip wells fargo while you are at it.



Use Union Bank. They are a Japanese owned bank with zero mortgage paper.
 
[quote author="wendyinoc" date=1215871332]Do the employees get a severence package if FDIC takes over? How does that work.</blockquote>
yeah, it's called unemployment beneifts.
 
[quote author="c300" date=1215855029][quote author="Shooby" date=1215854484]So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?</blockquote>


ING Direct</blockquote>


Are you being sarcastic?
 
[quote author="Shooby" date=1215854484]So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?</blockquote>


I am not picking on the Shoob, but his question just seemed to push my little button.



I have been saying for over a year now. This is not a subprime problem. This is not a mortgage problem or a real estate bubble problem. This is a debt problem with based on leverage with miscalculated risk or non-calculated risk. The financial system is de-leveraging. The Federal reserve will and is reacting to monetary deflation by printing money.



This is not a time to be concerned with the interest rate on your CD. This is a time to be concerned with asset preservation. When the FDIC runs out of fiat currency to pay depositors, (and they will pay), the Federal Reserve will print money to supply the FDIC.



To figure out which bank is safest, forget about interest rate and research reserves percentage.



The only money I keep in banks is the money I need for personal liquidity, and I prefer Farmers and Merchant. Their CD interest rate sucks, but they have the highest percentage reserves in California.
 
Totally agree, awgee.



I'm switching to Mellon. Their share prices are ok, they have some exposure

to cre, but actually, I've been told that they actually make their money by

clearing, handling trusts, and other stuff not involving loans and bank accounts.



They've also been accused of dope dealer money laundering. Seems like even

if they lose this is a relative blip. And maybe the high level dopers can pick

a solvent bank to put their ill-gotten gains in? I trust what they think more than

the administration. After all, it's their money!!



Anybody know anything bad about Mellon?



They really vetted me hard before taking my opening 10k for the escrow account.

Maybe because of the dope dealer thing.
 
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