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Down goes IndyMac...

Discussion in 'Money & Finance Forum' started by VA49er, Jul 12, 2008.

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  1. Jul 12, 2008 at 8:54 AM #1
    VA49er

    VA49er Full Access Member

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    FDIC takes over. Depositors should be OK but it's gonna be expensive for the FDIC. It appears IndyMac had about 30% of it's funding from the FHLB (Federal Home Loan Bank) and as a result the FHLB should have first lien on some of IndyMac's best assets. That's gotta suck for the FDIC.

    So, who can or would want to buy IndyMac?

    Regulators seize troubled IndyMac
     
  2. Jul 12, 2008 at 10:35 AM #2
    jazzbluescat

    jazzbluescat superstar...yo.

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    Wonder if FDIC "invests"/has its reserves tied up like regular insurance companies and will have to screw us, somehow or other, to make funds/claim available. good times
     
  3. Jul 12, 2008 at 11:27 AM #3
    VA49er

    VA49er Full Access Member

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    Other banks are shitting themselves because the FDIC charges a premium to each bank to insure deposits. Depending on how this goes, the FDIC may raise that premium.
     
  4. Jul 12, 2008 at 1:03 PM #4
    tharan000

    tharan000 Full Access Member

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    As long as we are not in a recession, everything is going to be ok.
     
  5. Jul 12, 2008 at 1:26 PM #5
    jazzbluescat

    jazzbluescat superstar...yo.

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    Whew! Thanks, I feel better already.
     
  6. Jul 12, 2008 at 2:39 PM #6
    reb

    reb 1riot1reb

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    Personally I love it when greed comes home to roost and it is happening all over now. Too bad the taxpayers have to pay Twice. Once to buy in and again to bail out. I'm glad I never bought in. My pain is way less than most, I sleep well at night.
     
  7. Jul 12, 2008 at 9:37 PM #7
    VA49er

    VA49er Full Access Member

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    Stupid funding decisions and stupid credit policies created this failure. One of those two pretty much cause every bank failure. The exception would be fraud.
     
  8. Jul 12, 2008 at 9:40 PM #8
    VA49er

    VA49er Full Access Member

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    Wow. Yep, those premiums are going to increase.

    Latest victim of mortgage crisis, IndyMac taken over

     
  9. Jul 14, 2008 at 7:09 AM #9
    wolfpac

    wolfpac Full Access Member

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    Read in an article today that there are estimates of another 150 banks that could potentially fail. Guess it depends on how many more letters Schumer decides to send.
     
  10. Jul 14, 2008 at 7:31 AM #10
    reb

    reb 1riot1reb

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    The Feds fearing a run on the banks today have been doing the green apple two step all weekend promising to bail out Fanny and Freddie. I guess all the Capitalists will be happy that Socialism is going to save their asses once again.

    :santa3:
     
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