U.S. Shuts Big Bank As Crisis Intensifies

Wall Street Journal ^ | July 11, 2008 | Damian Paletta and David Enrich

[politicket]

IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators in one of the largest bank failures in U.S. history.

The Pasadena, Calif., thrift was one of the largest savings and loans in the country with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets.

IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. ...

[realdifferent1]

Back to you, Chet.

You date yourself my friend!

[rwfromkansas]

you saying you can get a 15 percent return there? Wow.

[Tammy8]

Those squirrels, now there’s your meat right there. No need for the farm critters.

http://www.jerrysbaitandtackle.com/Recipes/Squirrel.htm

[politicket]

UBS is a Swiss bank.

You're the third person to catch that... :-)

I corrected myself in a later post. I know that UBS is based in Switzerland, but I always type Sweden when posting anything. A mental deficiency on my part - many people would say that I have lot's of them. ;-)

[Tammy8]

Wow, that’s great! I should have planted pickles- ah cucumbers- we eat a lot of them. I have a neighbor that usually puts up enough for the whole town, hope she does again this year.

[silentreignofheroes]

Was thinking the same thing,needed a good recipe.

Did’nt mean to jump in.

[Tammy8]

Wow, that’s great! I should have planted pickles- ah cucumbers- we eat a lot of them. I have a neighbor that usually puts up enough for the whole town, hope she does again this year.

[rabscuttle385]

I'm afraid that printing the money to bail out all these capitalists will cause a collapse of the dollar, and no one will want to buy our bonds. Is that possible, or am I just an ignorant housewife ?

It can happen.

[Transformers]

Not to sound too ignorant but as a guy with only money in the savings (no stocks/bonds) at Washinton mutual with 4 kids near Houston, should I be worried? I admit I’m not really sure of all the implications here and who exactly it affects.

[realdifferent1]

Please select the link below to read more about this event:

The second largest bank failure in history is just 'an event'.

Wow.

[silentreignofheroes]

Ain’t to late.I like to plant them on a trellis(sp),keeps them off the ground and they don’t take up any room.They will grow indoors.

[Ron H.]

The libs told the banks that if you they didn’t loan money to sub-prime borrowers, the majority of whom were minorities, then they were “racist”. So the forced them to loan the money to people who couldn’t pay it back. And that’s where we are...

That sounds like affirmative action lending. Blooming idiots.

[popdonnelly]

Because one bank closes, the World is coming to an end? As my mom used to say, people have been predicting the end of the World for thousands of years.

[popdonnelly]

“a type of mortgage that can often be offered to borrowers who don’t fully document their incomes or assets. ...”

In other words, a bum loan that a bank shouldn’t make. I don’t have any sympathy for the dumb bankers or the fools who borrowed every dollar they could.

[Tammy8]

No problem on the “jumping in” the more the merrier. I grew up where there were tons of squirrels; my brothers had to beg my mom to cook them though- she grew up during the Depression and said she had her lifetime limit. There aren’t many squirrels where I live and most are tiny- it would take a bunch to make a meal. I am however surrounded by thousands of cows...not ours- we only have a few- but we can barter with the neighbors if need be.

[dragnet2]

Because one bank closes, the World is coming to an end?

No, everything is hunky dory, pay no attention to any of this.

[cammie]

ping to tell a friend in Hong Kong

[sweetiepiezer]

bttt

[Freedom_Is_Not_Free]

There is the core of the matter. The FED will not allow deflation, but they may prove powerless to stop it. If the FED takes wholesale mass losses on it’s books, look out below for T-bills. What is going to prevent foreign holders of T-bills from dumping?

[politicket]

Not to sound too ignorant but as a guy with only money in the savings (no stocks/bonds) at Washinton mutual with 4 kids near Houston, should I be worried?

I wouldn't lose sleep over this, especially since you don't have amounts over $100,000 in accounts at IndyMac.

However, it is prudent as a family to set up a game plan for how you would do things if hardships did set in - such as gas/heating oil shortages, strikes, civil unrest, etc.

It is those who don't plan that will, of course, suffer the most problems.