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Archive for July, 2008

R.I.P. IndyMac

 IndyMac

As several of you may already know, IndyMac is toast. I guess you had to know any spin-off of Countrywide wasn’t going to be a huge success.

WASHINGTON (Reuters) - U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. …

IndyMac will reopen fully on Monday as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision, but tensions ran high as customers at a branch at its Los Angeles-area headquarters read a notice in the window saying it was closed.

At another branch down the road, a man who said he had more than $200,000 (100,000 pounds) in an account — twice what is normally FDIC guaranteed — argued with a security guard who was closing up.

 The FDIC, which will seek a buyer for IndyMac, estimated the cost of the bank’s failure to its $53 billion insurance fund at between $4 billion and $8 billion.

The FDIC has set up a call center for those with accounts at IndyMac. Call 866-806-5919. The IndyMac Web site, which now has FDIC info on it, will be up and running Monday. The L.A. Times also posted a FAQ for customers, which is very, very helpful. Good luck!

Posted on Saturday, July 12th, 2008
Under: Mortgage Mania, The Market | 2 Comments »

Senate Says No More Buyer Assistance!

Posted on Friday, July 11th, 2008
Under: House Hunt, Mortgage Mania, The Market | 1 Comment »

Fannie Mae and Freddie Mac Failing?

Posted on Friday, July 11th, 2008
Under: Mortgage Mania, The Market | Comments Off

Would *you* invest in mortgages? Investors don’t, either.

Posted on Wednesday, July 9th, 2008
Under: Mortgage Mania, The Market | 4 Comments »

Buyer Assistance or a Bad Idea?

Posted on Monday, July 7th, 2008
Under: House Hunt, Mortgage Mania | 1 Comment »

A Woman’s Touch — Malls with Art, Patios and Scenery

Posted on Wednesday, July 2nd, 2008
Under: The Market | Comments Off

UK Housing Crisis: “Batten Down the Hatches!”

Posted on Wednesday, July 2nd, 2008
Under: The Market | Comments Off

Best Places to Live? (And Affordable — Not Bay Area)

Posted on Tuesday, July 1st, 2008
Under: House Hunt | 3 Comments »

Free Foreclosure Listings?

Posted on Tuesday, July 1st, 2008
Under: Foreclosure Fever | 3 Comments »