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 ...
Well he should have procrastinated a little longer. Actually the pension loss is the least of Corzo's concern. The ONLY concern is lining the pockets of his Wall St. buddies and other Rat union trough swillers otherwise known as civil servants.
FDIC Information for IndyMac Bank, F.S.B., Pasadena, CA
On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA (”assuming institution”) a new FDIC-insured Federal Mutual Savings Bank. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
Please select the link below to read more about this event:
FDIC Bank Closing Information for IndyMac
The IndyMac websites are expected to be available Monday, July 14, 2008.
If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.
FDIC CALL CENTER
866-806-5919
CALL CENTER HOURS OF OPERATION:
Friday, 7/11/08, 3:00 p.m. - 9:00 p.m. Pacific
Saturday, 7/12/08, 8:00 a.m. – 8:00 p.m. Pacific
Sunday, 7/13/08, 8:00 a.m. – 6:00 p.m. Pacific
THEREAFTER
Monday through Friday, 8:00 a.m. – 8:00 p.m. Pacific
Perhaps several other "banks" will broad exposure to shady lending.
This may be the start of "the run".
I don’t know about 401K, it coming on line when I was already decompressing for retirement. The question there might be whether funds and stocks might retain their value, I suppose. Funds might shut down. Stocks: you own. If the Company stays in busines, you would still own a piece.
How bad will it get? Lets just say, “cash is king”, but only in $100,000 FDIC increments per bank.
Many banks are functionally insolvent due to the liquidity crisis and mortgage related losses. People in the know have been screaming this for months, primarily to a blind and distracted populace that hasn’t been hearing the warning siren.
I don’t think anybody can predict how bad this crisis can get. That IndyMac is the 2nd largest bank historically to ever fail, should provide a clue to where this crisis is going.
That Fannie and Freddie are approaching insolvency should provide another clue. Want to see the bond market collapse? Just watch what happens after the government bails out Fannie and Freddie.
Cue Travis McGee’s Von Mises line about the end of a liquidity crisis and the collapse of currency.
I am afraid you are right...
But what happens when it becomes hyper inflation?
Which is what scares me...
And, I am no wild eyed radical hoping for the down fall of my country...
But things may happen...
Did not get the whole hour of the program,just something to watch for.If it is going to happen,who knows.Stock up.
a “so I may learn” bump. lol.
A bit of hyperbole... That $40 billion in 1984 would be $82.4 billion in 2007 dollars. If we survived the (in 2007 dollars) $82.4 billion bank failure in 1984, I think we can survive one that's not even 40% of that value...
you sound like you’re ready to be a guest on the art bell show.
Political correctness is the single most freedom-destroying facet to occur in my lifetime, which began in 1958. There is nothing as insidious or dangerous to our national liberty than controlling what people are allowed to say. This will inevitably lead to controls on what people can think, followed by controls on what people can do.
We are racing toward tyranny and it is being embraced by the mass of the brain-dead electorate who vote only their pocketbook, mostly for increasing entitlements. We are racing toward slavery. I am infuriated that my fellow misguided Americans are dragging me into bondage along with them. Absolutely furious.
It’s farly typical to close a bank on Friday afternoon...gives the staff the weekend to change over to new management and systems without having to deal with customers.
The story is on the radio news now. If TSHTF we are still here and need not panic. Check the Y2K stash and keep your knees loose.
I’m wondering now if they meant 6000 branch banks are going to close..to me, that would make sense geographically.
Failure pays well.
The CEO of this failed institution has a compensation Totaling $42.23 mil over 5-Years
Greed is Blind.And money has no soul.
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