IndyMac taken over by feds

In this Jan. 2008 file photo, a man leaves an IndyMac Bank branch office in Burbank, Calif.

[Recall Shumer]

Charles Shumer is a disgrace! Indy was on life-support, but Shumer pulled the plug on them. What an evil act!!! It's a well known fact that Indy was looking for a buyer, or a cash infusion...but Shumer initiated the panic...the public stampede...with malice of forethought.

I've been told by a friend who works at Indy that immediately after the panic started, all available Indy execs and reps were called into action to fan out in all 35 retail locations and try to re-assure the customers who were stampeding through the doors to take their money out. They kept telling the customers that everything was going to be okay, and no need to panic. Obviously, it didn't work.

Indy was no more under-capitalized than any other major thrifts. But when 1.3B is ripped away in a flash..it renders them helpless.

I am so sad for all the customers who didn't get their uninsured assets out...they will only be getting, at best, 50% of their assets returned to them. The Gov. gets to keep the rest of it!

Shumer is a sick, sleazy, rotten bastard!

[Marge1]

For the truth about IndyMac:
"IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. The company sold most of the loans it originated but continued to hold some on its books. As defaults piled up, IndyMac's finances deteriorated." It is outrageous that the FDIC would ensure a bank that does not require borrowers to show Social Security Numbers or proof of income for ability to pay. Many of these loan defaults are from Illegal Aliens who use ITIN numbers and other sham documents. Now they just walk away and the American taxpayers can pick up the tab. Absolutely disgraceful. Not surprised for a California-based bank in a State going bankrupt due to illegal aliens and a legislature and governor who live in denial.

[Eve Kratchman]

Enron and indymac are interesting bedfellows. We were forced to take our compensation in stock when it reached a certain level. They are also being sued for stock misrepresentation. A whole lotta fraude here