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Banking regulators close IndyMac

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posted on Jul, 11 2008 @ 06:10 PM
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Banking regulators close IndyMac


money.cnn.com

IndyMac Bank succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures on Friday when banking regulators seized the mortgage lender's assets.

The banking regulator said it closed IndyMac after customers began a run on the lender following the June 26 release of a letter by Sen. Charles Schumer, D-N.Y., urging several bank regulatory agencies that they take steps to prevent IndyMac's collapse.
(visit the link for the full news article)




posted on Jul, 11 2008 @ 06:11 PM
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Simply amazing..

The bank did not succumb to Subprime Mortgage exactly.. it was a combination of instability that lead to a Bank Run ..

It was actually the Bank Run that killed Indy Mac.. unsettling in the financial world, and I would expect the fall out to continue into next week .. of course, the long term implications are far worse..

Lehman is expected to be the next failure..

Frannie and Freddie are both expected to collapse or become Nationalized Mortgage lenders..

FDIC has already confirmed they can insure all deposits within the guidelines at Indy.

money.cnn.com
(visit the link for the full news article)



posted on Jul, 11 2008 @ 06:13 PM
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Also, notice, this was done after trading hours ended, and on a Friday.

This is to ensure the markets have time to relax and accept the fact, another major bank just collapsed (first major bank being Bear Sterns) .. in hopes Monday won't be a slaughter.



posted on Jul, 11 2008 @ 06:22 PM
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I heard this a while ago on CNBC. You must be watching the same show.

I wonder what the Asian markets will do in response to todays crazy ride.



posted on Jul, 11 2008 @ 06:23 PM
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Gulp....

Realises all his worst ramblings about this over the past 10 years are coming true in the press every day...

Ponders if we do create our own reality did the conspiracy theorists, me among them cause this by thinking about it?

At a differant time in his life, when working in that field, he admits secretly to himself he would probably being walking to the roof now with a full bottle of scotch and a 99 steps up to the roof and now just 1 step down.... philosophy

Turns of the light cos the bills are so high now for most.

Has that scotch but in bed, its cheaper than heating as well lol!

Regards,

Elf



posted on Jul, 11 2008 @ 06:29 PM
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Originally posted by whiteraven
I heard this a while ago on CNBC. You must be watching the same show.

I wonder what the Asian markets will do in response to todays crazy ride.


Currently the Futures market shows the NIK down -81, I am sure come Monday things will have settled down so that no direct major losses will occur.

The Fed is making this as smooth as possible, responding as if this is an every day thing.



posted on Jul, 11 2008 @ 06:31 PM
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reply to post by MischeviousElf
 




Has that scotch but in bed, its cheaper than heating as well lol!


You must drink some horrid Scotch then.



posted on Jul, 11 2008 @ 06:32 PM
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Here is another newslinkwww.knbc.com...


This is the second largest bank to go bankrupt in US history.



posted on Jul, 11 2008 @ 06:54 PM
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Yes, and did you hear what Wall street traders were saying from the floor?!?!?!?!?

That at around 2pm their was a rumor that the Fed would open up the discount window for Freddie and Fannie, which CRUSHED the people going SHORT. This was the spike up, but still landed the DJIA down around 130 pts. If it was not for this rumor the $hit would have been on!!! Then AFTER the bell rang, another rumor came out saying that the Fed was NOT going to open up the discount window to Freddie and Fannie!!!!!!!

I would be PISSED if I was shorting these two companies. What until Monday...

This coupled with the President of the St. Louis Fed (Poole) saying Fannie and Freddie were insolvent and that according to new banking rules they MUST put an off balance amount of 4 TRILLION back on their books. So 6 TRILLION worth of loans and 4 TRILLION are compelete UBER $HIT!!!!!!!!!!!



posted on Jul, 11 2008 @ 07:00 PM
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reply to post by pityocamptes
 



On this thread.....www.abovetopsecret.com...

I said the very same thing as it happened! Sychronicity! Promethius Rising!

At one point...Fed opens discount window.

About 20 minutes....NO...window NOT open!!



posted on Jul, 11 2008 @ 07:00 PM
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Senator Charles Schumer may have been the lynch pin in this case. It seems that the run began because of a memo he had written.

americanelephant.com...


As much as I am opposed to the litigious nature of our society today, I hope the lawyers are already hard at work trying to find some way to pin shareholder loss on the weasel Schumer. If ever there has been a self fulfilling prophecy to the tune of billions of dollars, this was it.

If you think the economy, the mortgage market, and consumer confidence had bottomed out… sadly today you were proven wrong. Its going to get a whole lot worse. If IndyMac can be shut down by regulators, every other bank better watch out. I hate to say the sky is falling… but the stars just got a whole lot closer.




[edit on 11-7-2008 by whiteraven]

mod edit, to add quote tags

[edit on 11-7-2008 by DontTreadOnMe]



posted on Jul, 11 2008 @ 07:06 PM
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reply to post by whiteraven
 


That is bad and I doubt Monday will be any better for Freddie or Fannie. It may not even take that long. They may be talking about this in Washington right now and do it in the middle of the night.

I can see it now... -Tomorrow morning and the Presidential Address- "My fellow Americans I am here to tell you that you are all screwed."

I am glad there are some here with optimism because I sure don't have much left. When does this all hit the real economy? I am talking brass tacks here… When do we see the middle class whipped out and living in the streets or it doesn’t get that bad?

Another question I have is this... If these big banks hold all of our loans and the government bails them out why do I own my mortgage? I understand collectively we as tax payers have to pay it back but why do we home owners get the double whammy?



posted on Jul, 11 2008 @ 07:07 PM
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Thanks for the insight Rockpuck!

So now, people who had mortgages that were not in default are simply to continue payments to someone else? Or do they continue operating at that level?



posted on Jul, 11 2008 @ 07:13 PM
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In my humble opinion even if it gets as bad as the Great Depression we will still survive.

We survived reconstruction, we survived the Great Depression no reason not to survive and get rich now!



posted on Jul, 11 2008 @ 07:14 PM
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reply to post by Maxmars
 


The FDIC will put Indy into a conservatorship and assets will be sold off to other willing buyers (key word). The FDIC will have to back current bank limits up to 100 K, and it is estimated that Indy will need ~4 - 10 Billion covered.

The most interesting part of this is that the FDIC ONLY HAS 50 BILLION in funds. They will not have enough $$$$$ to bail this $HIT out!!!!

Indy was the second largest bank failure of all time, and this $HIT went down in days...

The big one is coming...

[edit on 11-7-2008 by pityocamptes]



posted on Jul, 11 2008 @ 07:14 PM
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Originally posted by whiteraven
In my humble opinion even if it gets as bad as the Great Depression we will still survive.

We survived reconstruction, we survived the Great Depression no reason not to survive and get rich now!



I have a feeling it will be MUCH, MUCH WORSE... on a scale that is unfathomable....



posted on Jul, 11 2008 @ 07:22 PM
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Originally posted by whiteraven
In my humble opinion even if it gets as bad as the Great Depression we will still survive.

We survived reconstruction, we survived the Great Depression no reason not to survive and get rich now!


Well I am pretty stocked up on food. I have been doing that for awhile. Garage is half full of canned goods. Pantry is full of flour, sugar oatmeal, ect... .so I do have some good barter items...


I have a Jeep Liberty and a Dodge Durango that are always on half full or more. I own the Jeep outright but I owe on the Durango. They both hold a lot of gas so maybe I should go max out the credit cards and fill them up. I just bought an 80cc conversion kit for my mountian bike to drive to work on Fridays (Jean day) and to tool around town with...
It now gets about 150MPG. Not that it will do me any good in a great depression. I will get shot off of it by the poor slob that didn't buy one



posted on Jul, 11 2008 @ 07:27 PM
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reply to post by Rockpuck
 


Lehman wont go anywhere they will get bailed out. They are in the "club" they wont be allowed to go under. I think Monday will be an ugly day but this is the second shoe I was looking to drop. If the market tanks on money Im jumping in for the long run. Was this news released after the bell?



posted on Jul, 11 2008 @ 07:30 PM
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reply to post by whiteraven
 


You're right. Schumer never knows when to keep his mouth shut. Typical politician.



posted on Jul, 11 2008 @ 07:33 PM
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Originally posted by mybigunit
reply to post by Rockpuck
 


Lehman wont go anywhere they will get bailed out. They are in the "club" they wont be allowed to go under. I think Monday will be an ugly day but this is the second shoe I was looking to drop. If the market tanks on money Im jumping in for the long run. Was this news released after the bell?



Bailed out!!!!!!!! HAHAHAHA, with what? Fiat money from Benny and the Inkjets, that will dilute the currency so much that its cheaper to wipe your A$$ with fiat then it is with Charmin?

You are talking of a combined TRILLIONS of dollars. The Fed budget is only 2.5 T and we are so far in the hole that we cannot see the light of day. No, the pain will be here for a long time as the regulatorsd slice and dice these companies and sweep the collatoral damage under th rug. However, the implecations will be far reaching and it will crush the banking and credit businesses of the world...


You will get burned and burned big time. The bottom is no where close.

[edit on 11-7-2008 by pityocamptes]

[edit on 11-7-2008 by pityocamptes]

[edit on 11-7-2008 by pityocamptes]



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