Search for: "Indymac Federal Bank"
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20 Mar 12:22 pm
... . "All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank,
FSB" were transferred to the newly created IndyMac Federal Bank, FSB" as the "assuming institution."The FDIC further announced thath it entered into ... modification program." A "loss share" agreement typically
provides that nonperforming assets are managed and collected by an acquiring bank and the FDIC agrees to absorb a significant portion of the
loss - "typically 80 percent" as well as further loss ...
22 Apr 9:01 am
... People who were deceived into making bad mortgages are now facing roadblocks from federal regulators who took over their lenders, the
article said, who don't always ... $150,000 in equity. The mortgage was provided by IndyMac bank,
which was later taken over by the Federal Deposit Insurance Corporation. IndyMac had an agent at a
crucial meeting, Brickhouse ... federal laws requiring honest dealing. If you believe you were lied to when you bought or refinanced your home,
especially if you have an "exotic ...
12 Jul, 2008 8:50 pm
... apparently still happens judging by this photo (see above). I also thought it was interesting that the Indymac site, including its
extensive REO listings, has also been taken over. ... practices continue, we wouldn't be where we are today." UPDATE 7/14: The Indymac site is
back up and looks pretty convincing. Indeed, the only hint that you have that it's not the same bank is the fine print at the bottom of the
site which identifies it as Indymac Federal Bank FSB, the
tell-tale letters that follow ...
30 Oct, 2008 3:58 pm
... could not rescind coverage for 5,565 residential mortgages. IndyMac Federal Bank F.SB. by the Federal Deposit Ins. Corp. as Conservator v. PMI Mortgage Ins. Co., ... coverage against borrower
defaults on the mortgages, which were either originated or acquired by IndyMac and then sold in the secondary mortgage market. PMI allegedly
sought to rescind ... unpaid mortgage balances in excess of $1.49 billion. PMI then returned to IndyMac more than $13.7 million in premiums it
had paid. The Complaint seeks ...
23 Dec, 2008 3:47 am
... on speed. Via The Washington Post: A senior federal banking regulator has been removed from his job after government investigators
concluded that he knowingly permitted IndyMac Bancorp to present a misleading picture of its ... Office of Thrift Supervision removed Darrel
Dochow as director of its western region, where he was responsible for regulating several of the largest banks that failed or were sold in the past year, including Washington
Mutual, Countrywide Financial, IndyMac and Downey Savings ...
14 Jul, 2008 7:23 pm
... Deposit Insurance Corp. The entity reopened on Monday as IndyMac Federal FSB under the control of
the FDIC. The Office of Thrift Supervision took action because it did not think the bank could meet its depositors demands. It is ... crashing
housing market, the FBI has opened a probe of companies ranging from the mortgage lenders themselves to investment banks that bundle and sell these mortgages as securities to
individual investors. According to the Associated Press, Countrywide Financial Corp., ...
1 Aug, 2008 11:55 am
IndyMac Bancorp, the mortgage lender seized by federal bank
regulators three weeks ago, filed for bankruptcy protection in Los Angeles to liquidate its remaining assets. Bloomberg News explains that while banks are prohibited from filing
for U.S. bankruptcy protection, bank holding companies aren't. IndyMac filed under Chapter 7 of the
bankruptcy code, used for liquidiations, and [...]
13 Jun 5:45 pm
... benefit from a particular regulator, as the differences between regulators are largely invisible to the public and the market. Moreover, federal banking regulators, or at least OCC and OTS, have an incentive to play to financial institutions. These agencies ... difficult to document, but
the truly scurrilous case of the Office of Thrift Supervision and Countrywide and IndyMac is instructive. This history of agencies leading the
deregulatory charge should make us inherently suspicious of continued ...
4 Dec, 2008 5:22 pm
... is their stock now worthless, so, too, may be their claims against the bank for securities violations. Unfortunately, this has become a
growing problem. Between October 2000 ... than four per year. Just in the four months from July through October 2008, however, 12 banks and thrifts failed. In 2008 to date, a
total of 17 ... failed, including the savings and loan IndyMac, which was rechartered as a federal
bank. The list of failed banks and thrifts within the last four months includes the spectacular ...
24 Nov 9:52 am
... of her mind. Then Dickinson said that the homeowner's financial status made her ineligible for a modification under Federal HAMP
Guidelines, to which the homeowner basically replied that Ms. Dickinson was smoking crack and out of her mind. ... be trusted… ever. I have personally received hundreds of stories from
homeowners that describe unconscionable behavior on the part of IndyMac/One West Bank. In point of
fact, just yesterday, a homeowner in Buena Park, California called to tell me that IndyMac ...
15 Jul, 2008 10:09 am
... to the Federal Deposit Insurance Corporation because it no longer had confidence that IndyMac
could meet its depositors' demands. According to federal regulators, IndyMac Bank is the second largest financial institution to close in U.S. history, ... adjustable-rate mortgage and homebuilder construction portfolios, and had made
numerous positive representations regarding the IndyMac's capital position - all in an improper attempt to alleviate investors' fears
concerning IndyMac's capital erosion. ...
12 Jul, 2008 1:59 pm
... in Atlanta will be shut down. Additional information can be found at the FDIC Website. From the Atlanta Business Chronicle: Federal
regulators closed Pasadena, Calif.-based Indymac Bank late Friday -- the shuttering of the largest
bank nationwide since the Savings & ... a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter
expressed concerns about IndyMac's viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their ...
2 Aug, 2008 6:22 pm
... -largest banking failure in United States history, said that it had filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors. Based in Pasadena, Calif., the holding company for
IndyMac Bank filed for Chapter 7 protection on Thursday with the federal bankruptcy court in Los Angeles, indicating it plans to liquidate. IndyMac said it expected the court will
...
11 Jul, 2008 7:59 am
... (e.g. long-term conventional mortgages) and the problem can be solved with an injection of liquidity. That is the role of the Federal
Reserve as lender of last resort. On the other hand, the bank's capital and assets may be insufficient to pay its depositors, either now or
later, meaning that the bank is insolvent. IndyMac appears to be at or near this point. Because the
FDIC insures its deposits, the FDIC is entitled to order IndyMac to recapitalize, change ...
12 Jul, 2008 5:50 am
The real estate market is obviously not going to wait for Congress to act. It is making decisions on its own as to what banks and companies will survive the real estate meltdown.
According to CNNMoney, in what in what is likely to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bank was taken over by federal regulators. The operations of the
Pasadena, Calif.-based bank were shut down by the Office of Thrift ...
18 Jul, 2008 10:03 am
... . Last week, we learned that California-based IndyMac was seized by the FDIC. In the aftermath, customers made a run on the bank, pulling more than $1.3 billion from the vault. ... aren't out of the woods. In fact, some that have attempted to deposit IndyMac cashier's checks with other banks have faced delays in securing access to their funds. Definitely not an ideal situation if you have bills
coming due. The federal government really needs to step up at this point to smooth out the process. Else, ...
24 Aug 6:32 am
... modifications, CNNMoney reported Aug. 18. OneWest Bank, as it is now known, was formed from the remains of the failed IndyMac, which was taken over by the FDIC in July of 2008 and later sold to investors. Federal regulators offered
the new owners a ... is complying, but if these descriptions are typical, it is clearly not displaying good faith in its dealings with borrowers. Given that IndyMac was one of the largest issuers of risky Alt-A loans, in which borrowers were not asked to document their ...
16 Jul, 2008 9:49 pm
... only contributes to the unnecessary drama and fear-mongering happening out there. IndyMac bank
has been put under the control of the federal government and deposits are insured by ... a claim for your funds. As long as you had less than
$100,000 in the bank, all of your deposits should be fully covered by the FDIC insurance. In some cases, ... plan. There's no need for you to
start withdrawing deposits from other banking institutions either. Your mattress is NOT the safest place for your money. Here's ...
20 Jan 7:49 pm
... is impossible) have informed our intrepid scribe that the backdating shenanigans that Dochow is alleged to have allowed at IndyMac are
worse than previously reported. A brewing fraud scandal at the Treasury Department may be worse than ... rest of the infamous "Keating Five." Black was present for the meeting of The
Five with then chairman of the Federal Homes Loan Bank Board Ed Gray and other S&L officials in
which the goal was to get the FHLBB and the FSLIC to treat Chales Keating and his giant ...
22 Jul, 2008 12:17 pm
... would have Understood her Rights Massachusetts Federal Holds Plaintiffs filed a putative class action against IndyMac for violations of the federal Truth in Lending Act (TILA); the class ... ] blank the specific date by which
the notice of cancellation had to be sent." Megitt v. IndyMac Bank, F.S.B., 547 F.Supp.2d 56, 56
(D.Mass. 2008). More specifically, the class action complaint revealed that IndyMac provided plaintiffs with a Notice of Right to Cancel, which
stated in part that the borrower had ...
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