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RS4Rings
- Senior Member - 7K
posted: Jul. 7, 2008 @ 7:33p 
Kind of neat, Never been with a bank that failed so am interested in getting first hand experience. Did get myself under $100k |
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ThursdaysChild
- Grumpy Member
posted: Jul. 7, 2008 @ 7:36p
Me, too, but I sure hate to give up 5.55% APY |
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PolarDude
- Senior Member - 1K
posted: Jul. 7, 2008 @ 8:14p
Found this in my e-mail today. Mortgage Lender IndyMac Cutting Half of Workers
By RICHARD CLOUGH
Pasadena's IndyMac Bancorp Inc., which runs its mortgage operations from Irvine, said on Monday it will stop accepting loan submissions and slash its workforce by nearly 4,000 people. The cuts will reduce the company’s workforce to 3,400 positions from 7,200. The company didn't say how many Orange County jobs would be impacted. In a letter to shareholders, the company said the cuts have become necessary as it has been unable to raise money as a result of the mortgage downturn and ensuing credit crisis. By closing its new mortgage business and cutting its workforce by more than half, the company expects to reduce operating expenses by approximately 60%. The company plans to focus its efforts on its reverse-mortgage subsidiary, Irvine-based Financial Freedom Senior Funding Corp. The unit is a leading reverse-mortgage lender, producing more than $5 billion in new loans annually. IndyMac, which has been wracked by the mortgage meltdown and credit crunch, said it has fallen below the level that regulators consider “well capitalized” and expects to take a significant loss when it reports its second-quarter earnings. “We have been working with our investment bankers to raise additional capital,” said IndyMac Chief Executive Michael Perry said in the letter. “To date, we have not been successful with these efforts, and, while we will continue these efforts with our bankers and others, we don’t expect to be able to raise capital until there is more stability and less uncertainty in the housing and mortgage markets.” Clough is a staff writer for the Los Angeles Business Journal. |
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therivler1
- Senior Member - 1K
posted: Jul. 8, 2008 @ 9:05a
http://dailybriefing.blogs.fortune.cnn.com/2008/07/08/indymacs-new-price-target-0/
IndyMacs new price target: $0
Beleaguered bank IndyMac has had its price target cut to $0 from $1 after the company said that second quarter losses will be bigger than the $900 million loss racked up in the first quarter. Analysts at Friedman Billings Ramsay are not saying that the company will fail per se, just that there is no value left for shareholders. The stock last traded at around 70 cents.
This glum view was also fueled by news that the bank will fire half its employees and that it has been unable to raise additional capital. According to a Bloomberg report, the California- based lender was told by regulators that it is no longer well capitalized. IndyMac was the second-largest independent U.S. mortgage lender last year after Countrywide Financial, now owned by Bank of America (BAC).
The big problem is that no one will give them money. Theres too much risk involved and not enough value in their franchise, Jason Arnold, an analyst at RBC Capital Markets, told Bloomberg.
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jensenjp
- Frivolous Member
posted: Jul. 8, 2008 @ 10:29a
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chuzzlewit
- Senior Member - 1K
posted: Jul. 8, 2008 @ 12:31p
More importantly in the letter, they no longer qualify to issue FDIC coverage on new or ROLLED over deposits unless they can obtain a waiver which seems unlikely. Remember, best to panic first then panic last. |
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whitelephant
- New Member
posted: Jul. 8, 2008 @ 12:40p
Regarding deposits and FDIC coverage, the letter indicated no longer FDIC coverage on BROKERED DEPOSITS - nothing to do with ordinary walk-in CD's are bank. |
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duncan36
- Senior Member
posted: Jul. 8, 2008 @ 1:48p
So the E-Money Market is FDIC insured right? I've asked this before but i'm neurotic so humor me please. |
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JesseLivermore
- Tired Member
posted: Jul. 8, 2008 @ 1:55p
Things are not looking good for this bank. |
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WalStMonky
- Happy Member
posted: Jul. 8, 2008 @ 1:58p
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mnsweeps
- Senior Member - 10K
posted: Jul. 8, 2008 @ 1:59p
duncan36 said:So the E-Money Market is FDIC insured right? I've asked this before but i'm neurotic so humor me please. yes...i put $50k this morning at Burbank CA branch...I have 2 other cds there over $200k but all within FDIC limits |
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duncan36
- Senior Member
posted: Jul. 8, 2008 @ 2:00p
WalStMonky said:FUD said:...don't want to deal with the red tape of FDIC insurance to recover possible losses, GET IT OUT NOW!!!
You mean I might wake up one Monday morning having suffered the inconvenience of having my bank close on Friday and reopened with a new name, and my funds intact and available? Oh the friggin horror! Yeah believe me if the FDIC has to get involved all eyes will be on them and it will go smooth as silk. If they screw things up then it could cause panic in other troubled banks and the government wont let that happen. |
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RS4Rings
- Senior Member - 7K
posted: Jul. 8, 2008 @ 2:12p
JesseLivermore said:Things are not looking good for this bank.
Wow, You are one smart cookie |
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RS4Rings
- Senior Member - 7K
posted: Jul. 8, 2008 @ 2:13p
duncan36 said:So the E-Money Market is FDIC insured right? I've asked this before but i'm neurotic so humor me please.
I have $100,004 in Indy now, I am really sweating about losing.... the $4
stop worrying |
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duncan36
- Senior Member
posted: Jul. 8, 2008 @ 2:18p
scott1961 said:duncan36 said:So the E-Money Market is FDIC insured right? I've asked this before but i'm neurotic so humor me please.
I have $100,004 in Indy now, I am really sweating about losing.... the $4
stop worrying You'll also probably have the interest accrued tied up. I hope the FDIC is on the ball on this one. Because honestly I believe this bank is done. It'll be an adventure I guess. |
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therivler1
- Senior Member - 1K
posted: Jul. 8, 2008 @ 2:21p
duncan36 said:scott1961 said:duncan36 said:So the E-Money Market is FDIC insured right? I've asked this before but i'm neurotic so humor me please.
I have $100,004 in Indy now, I am really sweating about losing.... the $4
stop worrying
You'll also probably have the interest accrued tied up. I hope the FDIC is on the ball on this one. Because honestly I believe this bank is done. It'll be an adventure I guess.
Accrued interest if the account is above 100K is not FDIC insured. I am kind of baffled as to why you are reluctant to drop your account into safe territory. |
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RS4Rings
- Senior Member - 7K
posted: Jul. 8, 2008 @ 2:22p
Yea, I plan on writing out a check tomorrow for $500 to cover accrued interest |
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RS4Rings
- Senior Member - 7K
posted: Jul. 8, 2008 @ 2:24p
therivler1 said:
Accrued interest if the account is above 100K is not FDIC insured. I am kind of baffled as to why you are reluctant to drop your account into safe territory.
When I did transfer some out the other day I forgot accrued interest, I purposely left the $4 over so I could say "I lost money when Indy failed" |
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whitelephant
- New Member
posted: Jul. 8, 2008 @ 3:19p
Bankdeals blogspot has interesting/good info on IndyMac as well as answers "maybe" regarding FDIC insurance questions. |
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SnoopDoug
- Senior Member
posted: Jul. 8, 2008 @ 4:35p
scott1961 said:
When I did transfer some out the other day I forgot accrued interest, I purposely left the $4 over so I could say "I lost money when Indy failed" Why not $0.01? |
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