Joined: Apr 12, 2007 Posts: 1162 Location: Central NC
Posted: Tue Jul 15, 2008 6:30 am Post subject: Re: IndyMac Bank shut down by Federal Government
DantesPeak wrote:
The NEW IndyMac.
Same as the old one.
A long line of customers enter IndyMac Federal Bank Monday at IndyMac headquarters in Pasadena, Calif., to pull as much money as they can from the failed financial institution.
Quote:
What if my bank fails? Some questions and answers
THE ASSOCIATED PRESS Monday, July 14th 2008, 5:34 PM
CHARLOTTE, N.C. - The government's seizure of IndyMac Bank raises concerns for many consumers about whether their banks might be next.
While it is unlikely the nation will see thousands of banks fail as they did during the savings and loan industry collapse in the late 1980s and early '90s, analysts predict there will be more battered financial institutions that are unable to survive in today's marketplace.
"IndyMac's failure is certainly a broader issue," said Eva Weber, an analyst at Aite Group, a financial services research firm. "Those who are trenched in more risky business, who are feeling more heavy losses, may be at more risk."
Those in a risky business may be more at risk? WT???
It must take years of advanced financial education to make such statements with authority. (absolutely no disrespect intended to any posters with a financial background) _________________ "The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Joined: Jun 13, 2007 Posts: 3356 Location: Minniesotuh
Posted: Tue Jul 15, 2008 6:33 am Post subject: Re: IndyMac Bank shut down by Federal Government
It's going to be quite interesting to see what the common man/bank customers do now and how they affect the financial markets.
All those 10,000 plus IndyMac customers are going to be leary of depositing their money anywhere; furthermore, they are going to talk to family and friends, and get Them worked up, too. Be on the lookout for reports of bank runs. _________________ "RRrrruuuunnnn!!!" ~Apocalypto
Posted: Tue Jul 15, 2008 11:55 am Post subject: Re: IndyMac Bank shut down by Federal Government
DantesPeak wrote:
The NEW IndyMac.
Same as the old one.
Better never than late, in this case. Just as with Northern Rock, IMB depositors now bank with the safest bank in the country. Pulling money out now is idiotic.
I can understand a desire to obtain a written record of the current balance, and maybe a desire to pull money out based on the principle some hold that one does not deal with a failed business (especially if it left you out of pocket), but this is now after the fact. The rational fear phase is over for them. It is all irrationality now, with a good measure of ignorance of the basics of how these things work.
Joined: Oct 23, 2004 Posts: 5504 Location: New Jersey
Posted: Tue Jul 15, 2008 6:38 pm Post subject: Re: IndyMac Bank shut down by Federal Government
Twilight wrote:
DantesPeak wrote:
The NEW IndyMac.
Same as the old one.
Better never than late, in this case. Just as with Northern Rock, IMB depositors now bank with the safest bank in the country. Pulling money out now is idiotic.
I can understand a desire to obtain a written record of the current balance, and maybe a desire to pull money out based on the principle some hold that one does not deal with a failed business (especially if it left you out of pocket), but this is now after the fact. The rational fear phase is over for them. It is all irrationality now, with a good measure of ignorance of the basics of how these things work.
They could actually be lucky. Northern Rock essentially became a treasury gilt account paying 2% over the real thing, with one-year maturity. That would be nothing to complain about for those that didn't lose money.
I agree with your points, but look what they've done here in the first day - stop foreclosures. We didn't vote for this, and I am not happy to see my government funds paying the mortgage of some who aren't.
Quote:
IndyMac Reopens, Halts Foreclosures on Its Loans. “IndyMac Bancorp Inc., the failed thrift, reopened its doors under federal control Monday and [announced it was] halting all foreclosures on the mortgages it owns. FDIC Chairman Sheila Bair, who has been one of the most outspoken officials calling for banks to ease up on struggling homeowners, said that the agency is "really focused" on keeping borrowers in their homes for both their sakes and to maximize IndyMac's value for taxpayers… the FDIC has much more flexibility to intervene with the roughly $15 billion of loans that were owned by IndyMac. But IndyMac also was handling another roughly $185 billion in mortgages in its servicing business.” (Wall St. Journal, July 15th)
Seeking Alpha _________________ It's already over, now it's just a matter of adjusting.
All times are GMT - 6 Hours Goto page Previous1, 2, 3, 4
Page 4 of 4
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
