Siyonara Indymac

NEW -> Contingent Buyer Assistance Program
[quote author="awgee" date=1216006787]I did not think there was anything wrong with Shoob's question either. It is just obvious that I am a bit opinionated on this subject and that was a warning on the diatribe to follow. For a few years I have been warning that there will be many, many bank failures, and I have felt a bit like a nutter.</blockquote>


Well... you are a nutter. Welcome to club, and as nutty as we are... we have been right.
 
I chose Mellon to park my escrow account in.



Mellon has some money laundering/dope dealer issues, so

they vetted me hard. I felt like I was asking them to marry

me, instead of taking some of my client's money.



They told me they don't really make much money from traditional

banking. They have cre exposure.



Their shares have "only" gone down a third or so, which in

this environment isn't too bad. they are world wide, which

can be either good or bad, I suppose.



At the burn rate of Indymac, 10 to 15 banks can be saved.

20 tops. If one of the huge one fails, who knows?



That's why I wanted to know the size of WaMu vis-a-vis Indymac.



FDIC wasn't mean for systemic meltdown of the size that is possible now.
 
Of course, I agree with our most prestigious nutters that

if the printing money thing happens and it probably will,

only the hardest of hard assets will survive.



Only good thing, is my hub's eyes done roll around in his head

any more when I talk about this stuff.



He is choosing to worry more about our crazy/drunk/doped up/

stupid./all of the above president starting WW III in the middle

east. All in all, I prefer GD II to WW III.



Tho they may go together.
 
That is an excellent suggestion LL, I hadn't thought of that.



That is a viable option as my Deferred Comp acct is in <em>addition</em> to my actual retirement plan (9%)
 
[quote author="Astute Observer" date=1216021041]Being a pessimist, I would say we will have a GD II followed by a WW III.



I pray that I am wrong.</blockquote>


Same here on both your statements.
 
what happens to the mortgages that people applied for at Indymac to buy a house that's in escrow? Say the buyers met the borrowing criteria and their Indymac mortgages are approved and escrow is supposed to close next week.
 
Through retail or wholesale? If it's through wholesale, they better have a rate lock letter or they are screwed. Even if they have a rate lock, IMB is charging a full point to honor it, which means the borrower may get a nice surprise on their HUD closing statement.
 
[quote author="lendingmaestro" date=1216031407]Through retail or wholesale? If it's through wholesale, they better have a rate lock letter or they are screwed. Even if they have a rate lock, IMB is charging a full point to honor it, which means the borrower may get a nice surprise on their HUD closing statement.</blockquote>


I have a co-worker that got stuck with this scenario. Except he was the seller... back to the market his house goes.
 
I just logged into my indymac account and checked the balance on my CD (< 100K) and everything is as it should be........The interest rate is listed as 4.00 %.
 
seems like owning a home is not that bad afterall... with the chance of money dissapearing out of accounts, 1% interest and 5% inflation coming up... at this point i'd rather have a home than worring about loosing all my cash in a bank...



i better start shopping...
 
[quote author="Astute Observer" date=1216086508]You lost 4% for the 1% saving account, but you lost a lot more with a declining market. But then, a house is a lot more useful if you can make use of it, while the bank will only send you a statement once a month to be used for scratch paper. However, a friend of mine brought a second house in IE, and she did not live there much at all due to the weather. She said she does not want to turn on the AC since she can't afford the electric bill. <puzzled></blockquote>


Tell that to the $1.5 BILLION in uninsured deposits at Indy.
 
[quote author="skek" date=1216090880]I don't think anyone wants to see people like the gentleman in the photo get hurt by this. Putting your money in a CD at a bank was <em>supposed</em> to be safe. This photo is the kind of image that makes me angry. While I don't have much sympathy for the house flippers and real estate speculators who are getting burned, I have endless sympathy for senior citizens who now have to fight for their life savings and wonder if they will get it back.</blockquote>
No offense all the older, retired folks out there but unless they have over $100k in IndyMac or some other bank...they need to relax and not camp out in front of a bank @ 4am in the morning. Maybe with all that free time they should have read up on what's going on in the banking industry and know better than to have more than what the FDIC insures at any one fiancial provider. I'm sorry, but I have little sympathy for ignorance.
 
[quote author="usctrojanman29" date=1216091527][quote author="skek" date=1216090880]I don't think anyone wants to see people like the gentleman in the photo get hurt by this. Putting your money in a CD at a bank was <em>supposed</em> to be safe. This photo is the kind of image that makes me angry. While I don't have much sympathy for the house flippers and real estate speculators who are getting burned, I have endless sympathy for senior citizens who now have to fight for their life savings and wonder if they will get it back.</blockquote>
No offense all the older, retired folks out there but unless they have over $100k in IndyMac or some other bank...they need to relax and not camp out in front of a bank @ 4am in the morning. Maybe with all that free time they should have read up on what's going on in the banking industry and know better than to have more than what the FDIC insures at any one fiancial provider. I'm sorry, but I have little sympathy for ignorance.</blockquote>


I do have alot of sympathy. Alot of the older generation are being taken advantage of. I unfortunately see quite alot of this with older children USING their older parents to support their lifestyle. It kinda sucks.

Being poor and older is no way to be.



-bix
 
[quote author="skek" date=1216090880]I don't think anyone wants to see people like the gentleman in the photo get hurt by this. Putting your money in a CD at a bank was <em>supposed</em> to be safe. This photo is the kind of image that makes me angry. While I don't have much sympathy for the house flippers and real estate speculators who are getting burned, I have endless sympathy for senior citizens who now have to fight for their life savings and wonder if they will get it back.</blockquote>


I agree. On one of the morning shows today, they were interviewing an older woman who started crying because she's so scared that she's lost a lot of money. It's very sad.



Trojan, I wouldn't laugh if I were you. Karma has a way of getting back at you for doing that.
 
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