Headlines...

NEW -> Contingent Buyer Assistance Program
what are the odds the govt steps in to bail out FRE and FNM? they really have no choice, no? i think an announcement comes out within days.
 
EvaLSeraphim said:
Check out the LA Times site. It's now official. The FDIC has IndyMac.

See here.
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Awesome! Now Keith has the Michael Perry arrest watch going on along with Mozillogate. Seriously, that guy lied to shareholders so badly, that it will only be about 15 minutes before the class action lawsuits are filed.

BTW, did anyone see that Chrissy Street lost -$8.2 million last month? Yup, and he still has only written down the SIVs to what he thinks is market value, even though the Whistlejacket fund is totally worthless. Good times, good times. Why does he still have a job?
 
Re: IndyMac.

How did anyone not see this coming with this statement in the CEO's bio on their web page:

With an increased focus on building customer relationships and a valuable consumer franchise, Indymac is committed to becoming a top five mortgage lender in the U.S. by 2011, with a long-term goal of providing returns on equity of approximately 15 percent. The company is dedicated to continually raising expectations and conducting itself with the highest level of ethics.
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Just sayin'.

Follow up question: Perry looks really young. How old is he? He's either very young, or has well learned the usefulness of liberal application of sunscreen.
 
EvaLSeraphim said:
Re: IndyMac.

How did anyone not see this coming with this statement in the CEO's bio on their web page:

With an increased focus on building customer relationships and a valuable consumer franchise, Indymac is committed to becoming a top five mortgage lender in the U.S. by 2011, with a long-term goal of providing returns on equity of approximately 15 percent. The company is dedicated to continually raising expectations and conducting itself with the highest level of ethics.
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Just sayin'.

Follow up question: Perry looks really young. How old is he? He's either very young, or has well learned the usefulness of liberal application of sunscreen.
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Funny thing is, is that he was mentored by the Tan Man, and the Tan Man has said he is like a son to him. Useful info like that can be found in Matt's book Chain of Blame. Nice hat tip for IHB from Matt there too. Anyway, not sure how old he is, but I think in his early or maybe mid-40s. Pretty damn young for a CEO.
 
Is one of those Bears Bear Stearns?

I vote for the next bank to fail BankUnited out of south Florida.

They are not so well known, but they so richly deserve it.
 
EvaLSeraphim said:
I vote Downey. The FDIC folks are already here and it's not that far to Newport from Pasadena.
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They might want to make a pit stop at Vineyard over in Corona on their way out. My bank saved the Feds gas mileage out to Pomona by picking up PFF Bank & Trust for some beads and string. hahaha

Are Wachovia and WAMU on the clock???
 
I have feeling they will swing by Federal first, then make their way down here to see our friends at Downey. BTW, Monday July 14th is the last day to lock option ARMs at Downey. Amazing, they were one of the first banks to have the option ARM.
 
graphrix said:
I have feeling they will swing by First Federal first, then make their way down here to see our friends at Downey. BTW, Monday July 14th is the last day to lock option ARMs at Downey. Amazing, they were one of the first banks to have the option ARM.
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Story not found on your link Graphers...
 
ipoplaya said:
graphrix said:
I have feeling they will swing by First Federal first, then make their way down here to see our friends at Downey. BTW, Monday July 14th is the last day to lock option ARMs at Downey. Amazing, they were one of the first banks to have the option ARM.
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Story not found on your link Graphers...
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Try the edited link now. And, check out their latest monthly report. Assets shrinking, check. Deposits shrinking, check. 80% plus of their loans are ARMs, check. Zero loans sold, check. % of non-performing loans increasing at 100 BPS or more a month, check. Delinquencies increasing at rapid rate, check. Soon to be on the FDIC list... TBD.
 
You guys realize that at that rate the FDIC can "save" the depositors at

only 10 banks? 15 tops?

What is the size of WaMu vs. Indymac?

They should shut down the TAF, and funnel the money to FDIC!!
 
j0431001.jpg
 
Very, very funny nude.

EvalL--Tampa and Gainesville??

Not Miami, Ft Meyers or Ft Lauderdale??

Or, do they want to swoop in from out of town to avoid conflict of

interest or something?
 
What I will say to you is that their "North LA" branch is in Monrovia. Golly gee, that's only one or two cities over from Pasadena. Well, I hope the office RE market in target FDIC areas gets a bit of a bounce.
 
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