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U.S. Shuts Big Bank As Crisis Intensifies
Wall Street Journal ^ | July 11, 2008 | Damian Paletta and David Enrich

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: bank; banks; congress; democrats; fed; indymac; schumer
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To: SE Mom
Are you SERIOUS? Do you think they’ll let Freddie and Fannie go down?

The Fed's will either need to let them go under, or find a few trillion dollars sitting around for a bailout.
41 posted on 07/11/2008 4:41:49 PM PDT by politicket
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To: silentreignofheroes

Have no more than $100,000 in any one bank. This is not a problem for some.


42 posted on 07/11/2008 4:42:16 PM PDT by RightWhale (I will veto each and every beer)
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To: gathersnomoss
Yes, the Fed should let the market fall. But wait, there is hope, for a Change. Do I see The Magic Negro?

LOL!!! That right there was funny my FRiend!
43 posted on 07/11/2008 4:43:06 PM PDT by politicket
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To: raybbr

Nope.

Actually, the bank I work for is rather solid and never got deep in the unusual mortgages - in fact they never really did them at all.

I am more concerned about the value of my home falling 50% for the next 20 years, and being stuck in this declining school district, with the State continuing to pump more Section 8 Ghetto trash in the area.


44 posted on 07/11/2008 4:43:11 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: Fury

It’s a great time to be broke!


45 posted on 07/11/2008 4:44:24 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: silentreignofheroes
Heard on a local talk station here that as many as 6000 banks are going under shortly,we’ll see.

I don't know who those banks are, but around here, they won't stop building new branch offices!

46 posted on 07/11/2008 4:44:29 PM PDT by Michael Barnes
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To: politicket

“The Fed’s will either need to let them go under, or find a few trillion dollars sitting around for a bailout.”

What will the Fed DO when just printing money to bail out worthless business ventures no longer works because the Dollar is worthless...

Perhaps as your post suggests...


47 posted on 07/11/2008 4:44:46 PM PDT by Lonely Are The Brave
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To: politicket
I'm not saying that it will definitely happen, but you don't want to be making plans the day it does. We're raising chickens and growing quite a bit of our own produce.

We live in a condo. How's that gonna work?

48 posted on 07/11/2008 4:45:57 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: HAL9000

also can set up panic opens on monday, if one has guts of iron or OPM to use.


49 posted on 07/11/2008 4:47:01 PM PDT by WoofDog123
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To: politicket

Did He lift it in 1929 too? Or are you using a bit much hyperbole?


50 posted on 07/11/2008 4:47:01 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: silentreignofheroes

...as many as 6000 banks going under......
- - - - - - - - - - - - - - - - - - - - - - — - - - - - -
There aren’t 6000 banks left after all the mergers and buyouts are there?

As to the ‘forced loans’, these people (pols) apparently didn’t learn anything from the S&L and Credit Card scandals did they?
A few of the pols got to be fat cats then wrote legislation favorable to the lenders...


51 posted on 07/11/2008 4:47:48 PM PDT by xrmusn
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To: politicket; All
my favorite writer has opined.
52 posted on 07/11/2008 4:48:20 PM PDT by the invisib1e hand
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To: politicket

i hear the fed has these really neat electronic printing presses that can do this in fairly short order.


53 posted on 07/11/2008 4:48:20 PM PDT by WoofDog123
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To: Swanks
Corzo's handpicked Wall Street manager found this gem. But...it is the NJNEA so screw 'em

You'd be absolutely amazed at many of these major investment consultants. My experience with them is that they got so wound up in new hedge fund strategies that they lost touch with reality. These have now been unwinding.

The investment consultants that I dealt with (hundreds) were some of the biggest procrastinators that I have ever known.
54 posted on 07/11/2008 4:48:30 PM PDT by politicket
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To: politicket
      

Nice job, you f***ng moron

55 posted on 07/11/2008 4:49:15 PM PDT by Libertarian444
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To: RockinRight
Yeah I'm in the same situation. I've got a teensy patio. My association board just recently allowed me to put an umbrella clothesline on the patio. They'd NEVER allow me chickens out there!
56 posted on 07/11/2008 4:49:19 PM PDT by proudofthesouth (Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
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To: RightWhale
Have no more than $100,000 in any one bank. This is not a problem for some.

That is good advice for banks, but it doesn't apply to 401K accounts where most individuals have stashed their retirement income.
57 posted on 07/11/2008 4:50:42 PM PDT by politicket
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To: politicket
OMG Union Bank of Switzerland is located in Sweden?
58 posted on 07/11/2008 4:52:23 PM PDT by Woodman ("One of the most striking differences between a cat and a lie is that a cat has only nine lives." PW)
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To: politicket

That will happen to a 401K when $$ is in
Money Market not stocks?


59 posted on 07/11/2008 4:53:24 PM PDT by Thinkin
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To: Lonely Are The Brave
What will the Fed DO when just printing money to bail out worthless business ventures no longer works because the Dollar is worthless...

Inflation is here to stay for quite some time.
60 posted on 07/11/2008 4:53:39 PM PDT by politicket
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