Posted on 07/11/2008 4:18:12 PM PDT by 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. ...
(Excerpt) Read more at online.wsj.com ...
I think you might be surprised at what you can really do when faced with the prospect of do it or perish. Not saying that is going to happen but many Americans still posses the "can do" spirit that many will need to survive. Our standard of living will take some hits but we will make it if we keep our heads about ourselves and plan and act carefully and wisely and make God the main focus in our lives.
Fannie Mae is a government sponsored enterprise set up in the 1930’s by FDR. Freddie Mac and Freddie Mae have 13 trillion in loans in the housing market.
And that legislation was the CRA....aka The Community Redevelopment Act.....
They've got lots of Fannie and Freddie: Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds
$376 Billion in Chinese Agency Bond Holdings Subject to Taxpayer Bailout Proposals According to FreedomWorks Analysts
Section 109 of Title I of the Housing and Community Development Act of 1974
**************************EXCERPT***********************
24 CFR 6
TITLE 24--HOUSING AND URBAN DEVELOPMENT
PART 6--NONDISCRIMINATION IN PROGRAMS AND ACTIVITIES RECEIVING ASSISTANCE UNDER TITLE I OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974
Subpart A--General Provisions
Sec.
6.1 Purpose.
6.2 Applicability.
6.3 Definitions.
6.4 Discrimination prohibited.
6.5 Discrimination prohibited--employment.
6.6 Records to be maintained.
Subpart B--Enforcement
6.10 Compliance information.
6.11 Conduct of investigations.
6.12 Procedure for effecting compliance.
6.13 Hearings and appeals.
Authority: 42 U.S.C. 3535(d) 42 U.S.C. 5309.
Source: 64 FR 3797, Jan. 25, 1999, unless otherwise noted.
Subpart A--General Provisions
Sec. 6.1 Purpose.
The purpose of this part is to implement the provisions of section
109 of title I of the Housing and Community Development Act of 1974
(Title I) (42 U.S.C. 5309). Section 109 provides that no person in the
United States shall, on the ground of race, color, national origin,
religion, or sex, be excluded from participation in, be denied the
benefits of, or be subjected to discrimination under any program or
activity funded in whole or in part with Federal financial assistance.
Section 109 does not directly prohibit discrimination on the bases of
age or disability, and the regulations in this part 6 do not apply to
age or disability discrimination in Title I programs. Instead, section
109 directs that the prohibitions against discrimination on the basis of
age under the Age Discrimination Act of 1975 (42 U.S.C. 6101-6107) (Age
Discrimination Act) and the prohibitions against discrimination on the
basis of disability under section 504 of the Rehabilitation Act of 1973
(29 U.S.C. 794) (Section 504) apply to programs or activities funded in
whole or in part with Federal financial assistance. Thus, the
regulations of 24 CFR part 8, which implement Section 504 for HUD
programs, and the regulations of 24 CFR part 146, which implement the
Age Discrimination Act for HUD programs, apply to disability and age
discrimination in Title I programs.
Sec. 6.2 Applicability.
(a) This part applies to any program or activity funded in whole or
in part with funds under title I of the Housing and Community
Development Act of 1974, including Community Development Block Grants--
Entitlement, State and HUD-Administered Small Cities, and Section 108
Loan Guarantees; Urban Development Action Grants; Economic Development
Initiative Grants; and Special Purpose Grants.
(b) The provisions of this part and sections 104(b)(2) and 109 of
Title I that relate to discrimination on the basis of race shall not
apply to the provision of Federal financial assistance by grantees under
this title to the Hawaiian Homelands (42 U.S.C. 5309).
(c) The provisions of this part and sections 104(b)(2) and 109 of
Title I that relate to discrimination on the basis of race and national
origin shall not apply to the provision of Federal financial assistance
to grant recipients under the Native American Housing Assistance and
Self-Determination Act (25 U.S.C. 4101). See also, 24 CFR 1003.601(a).
Sec. 6.3 Definitions.
The terms Department, HUD, and Secretary are defined in 24 CFR part
5. Other terms used in this part 6 are defined as follows:
Act means the Housing and Community Development Act of 1974, as
amended (42 U.S.C. 5301-5320).
Assistant Secretary means the Assistant Secretary for Fair Housing
and Equal Opportunity.
Award Official means the HUD official who has been delegated the
Secretary's authority to implement a Title I funded program and to make
grants under that program.
Complete complaint means a written statement that contains the
complainant's name and address, identifies the Recipient against which
the complaint is made, and describes the Recipient's alleged
discriminatory action in sufficient detail to inform HUD of the nature
and date of the alleged violation of section 109. It shall be signed by
the complainant or by someone authorized to do so on his or her behalf.
Complaints filed on behalf of classes or third parties shall describe or
identify (by name, if possible) the alleged victims of discrimination.
Federal financial assistance means: (1) Any assistance made
available under title I of the Housing and Community
[[Page 78]]
Development Act of 1974, as amended, and includes income generated from
such assistance, and any grant, loan, contract, or any other
arrangement, in the form of:
(i) Funds;
(ii) Services of Federal personnel; or
(iii) Real or personal property or any interest in or use of such
property, including:
(A) Transfers or leases of the property for less than fair market
value or for reduced consideration; and
(B) Proceeds from a subsequent transfer or lease of the property if
the Federal share of its fair market value is not returned to the
Federal Government.
(2) Any assistance in the form of proceeds from loans guaranteed
under section 108 of the Act, but does not include assistance made
available through direct Federal procurement contracts or any other
contract of insurance or guaranty.
Program or activity (funded in whole or in part) means all of the
operations of--
(1)(i) A department, agency, special purpose district, or other
instrumentality of a State or local government; or
(ii) The entity of a State or local government that distributes
Federal financial assistance, and each department or agency (and each
State or local government entity) to which the assistance is extended,
in the case of assistance to a State or local government;
(2)(i) A college, university, or other post-secondary institution,
or a public system of higher education; or
(ii) A local educational agency (as defined in section 198(a)(10) of
the Elementary and Secondary Education Act of 1965), system of
vocational education or other school system;
(3)(i) An entire corporation, partnership, or other private
organization, or an entire sole proprietorship--
(A) If assistance is extended to the corporation, partnership,
private organization, or sole proprietorship as a whole; or
(B) Which is principally engaged in the business of providing
education, health care, housing, social services, or parks and
recreation; or
(ii) The entire plant or other comparable, geographically separate
facility to which Federal financial assistance is extended, in the case
of any other corporation, partnership, private organization, or sole
proprietorship; or
(4) Any other entity that is described in paragraphs (1), (2), or
(3) of this definition, any part of which is extended Federal financial
assistance.
Recipient means any State, political subdivision of any State, or
instrumentality of any State or political subdivision; any public or
private agency, institution, organization, or other entity; or any
individual, in any State, to whom Federal financial assistance is
extended, directly or through another Recipient, for any program or
activity, or who otherwise participates in carrying out such program or
activity, including any successor, assign, or transferee thereof.
Recipient does not include any ultimate beneficiary under any program or
activity.
Responsible Official means the Assistant Secretary for Fair Housing
and Equal Opportunity or his or her designee.
Section 109 means section 109 of the Housing and Community
Development Act of 1974, as amended.
Title I means title I of the Housing and Community Development Act
of 1974 (42 U.S.C. 5301-5321).
Sec. 6.4 Discrimination prohibited.
(a) Section 109 requires that no person in the United States shall
be excluded from participation in, be denied the benefits of, or be
subjected to discrimination under any program or activity funded in
whole or in part with Federal financial assistance, on the grounds of
race, color, national origin, religion, or sex.
(1) A Recipient under any program or activity to which this part
applies may not, directly or through contractual, licensing, or other
arrangements, take any of the following actions on the grounds of race,
color, national origin, religion, or sex:
(i) Deny any individual any facilities, services, financial aid, or
other benefits provided under the program or activity;
(ii) Provide any facilities, services, financial aid, or other
benefits that are different, or are provided in a different
>> At a time of a not so united country basking in all it's multiculturalism. Very unlike the 1930's.
was:
What's coming can better be likened to an asteroid impact. The depression occurred while most Americans were rational, moral and un-multicultural. And, there weren't muslim hordes on our shores. We have become a nation of chatterers and dope addicts.
Although there was never any asteroid impact on Earth, your comparison still is correct, since this is also not a depression. This is the end of a system, the end of an age that has only existed once on Earth.
Google "exponential curve on the move" immediately reveals the true prophet of the end of the age
http://www.google.com/search?hl=en&q=+%22exponential+curve+on+the+move%22
I double any wiggle will be forthcoming. Socialists want the private sector to fail so that the government can take over the economy (and our freedom) Fully supported by the MSM of course.
So should I start the bank run this weekend or wait till the fun starts on Monday?
I’m sure you mean well.
My grandfather spent the Depression on the farm. He was ok, because quite frankly they didn't need to go out for much. Today, you honestly can't live that way. We don't have a local blacksmith or machinist to fix things, and use diesel tractors instead of horses to plow.
But I think we as a country will make it. I doubt things will be that bad (as they were then), but if they are, my family and I already have a plan. The only question I have is if civil unrest breaks out, where do we run to?
lol
There’s no such thing as a housing bubble! You’re just being a Chicken Little!
This country is not as tough or close to the earth as it was in the 1930s. That generation didn't have AC, central heat, 2 cars, refrigeration, cable TV etc etc. A 15% unemployment rate would be played in the MSM like the Apocolypse. Enter "The Katrina Paradigm." The fedgov MUST solve these problems pronto, or else! The "Do Something Disease" is what will kill us. Instead of working our way through a bad recession, Pres. Obama will usher in a new CCC, WPA etc, and will send us into a ten year depression. IMHO.
I hope you have some of that gold in your pocket-—not just on paper!
Interesting...
I can do everything through him (Christ) who gives me strength.
Amen.
Hallelujah!
Well I guess I should be ecstatic then. lol
I got out of the market over a year ago high, but had to spend it all trying to keep a flagging business afloat. Place your bets and take your chances. Just wish liberal political correctness would let me get a job to work my way out of debt.
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