No_Such_Reality_IHB
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PadreBrian said:
What's up with Wells? I look at the reset by bank chart and I don't even see them?
Siyonara Indymac
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What's up with Wells? I look at the reset by bank chart and I don't even see them?
I believe they have been pushing HELOCs and other secondary loans for a few years. Our mortgage is with them, as was our HELOC before we closed it out, and they spent 2005-2007 offering ever increasing amounts in a HELOC prior to the credit crunch really hitting the banks. Nary a peep from them now, which leads to me to believe that they are preserving their reserves because they know their HELOCs probably aren't worth a penny in a foreclosure.
Good point, Awgee. Thank you. I am definitely concerned with asset preservation, which is why I keep accounts at under $100k. I don't feel like getting the .50 on the dollar that the FDIC is going to be giving larger investors at IndyMac. On the other hand, I think that the interest rates offered are something I can't totally ignore, since I'm limiting myself to very conservative ways to increase my savings.
Just out of curiousity, are you keeping it under the mattress? Gold? Euros? Somehow you have to offset the loss of purchasing power.
Sorry, I do not remember exactly what steps I went through at the time, which was about three or four years ago, but I did it all by internet. If you start with "bank reserves" and go from there ...
There are different reserve requirements for different types and size banks, and I do know that many of the larger national and international banks now have negative reserves. They are borrowing from the Fed and others to show reserves on their balance sheets.
I may not have trust in our banking system, but I'm still proud to be an American - with a Capital A. :coolsmile:
I never sang that song, but I do remember singing this song every day in 1st grade:
This land is your land,
This land is my land,
From California
To the New York Island,
From the redwood forest,
To the Gulf stream waters,
This land was made for you and me.
Each classroom tried to sing louder than the next classroom.
I did not think there was anything wrong with Shoob's question either. It is just obvious that I am a bit opinionated on this subject and that was a warning on the diatribe to follow. For a few years I have been warning that there will be many, many bank failures, and I have felt a bit like a nutter.
It is my opinion that if your CD is insured by the FDIC, you will get paid, whether the FDIC has the money or not. The FDIC is a part of the Federal Reserve and the Fed will "give" the FDIC all the money it needs to insure depositors.
Here comes more nutter stuff: But, it is important to realize that the Fed may not have the "money" or assets or reserves either, and the Fed will print money to give to the FDIC. Realistically, the Fed will have no choice. Can you imagine if the FDIC did not pay out? As the Fed keeps printing money to bail out (take your pick here), those with dollar denominated assets will exit the dollar and the dollar will continue to devalue. So, even when you get your Federal Reserve Notes from the FDIC, what will they be worth? What will they buy?
Discounting price inflation, I would deem short term, (two month), US Treasuries to be the safest.
I do not blame you for being a touch freaked. You are just a bit early. A few more bank failures and many folks will be freaked. I think WaMu is insolvent and MMAs are very risky.
What's up with Wells? I look at the reset by bank chart and I don't even see them?
CalGal_IHB
New member
How can we find out what the reserves are for a particular bank? How much is an appropriate amount?
Nude_IHB
New member
No_Such_Reality said:
I believe they have been pushing HELOCs and other secondary loans for a few years. Our mortgage is with them, as was our HELOC before we closed it out, and they spent 2005-2007 offering ever increasing amounts in a HELOC prior to the credit crunch really hitting the banks. Nary a peep from them now, which leads to me to believe that they are preserving their reserves because they know their HELOCs probably aren't worth a penny in a foreclosure.
No_Such_Reality_IHB
New member
So how does it work with the larger multi-displine banks, like Citi, Wells, BofA? They have investment companies, 'banks', etc. Naturally, the IRAs, investments, and other products aren't FDIC insured, but they in the investment company of the larger holding company.
awgee said:
Good point, Awgee. Thank you. I am definitely concerned with asset preservation, which is why I keep accounts at under $100k. I don't feel like getting the .50 on the dollar that the FDIC is going to be giving larger investors at IndyMac. On the other hand, I think that the interest rates offered are something I can't totally ignore, since I'm limiting myself to very conservative ways to increase my savings.
Schlotkins_IHB
New member
awgee said:
Just out of curiousity, are you keeping it under the mattress? Gold? Euros? Somehow you have to offset the loss of purchasing power.
awgee_IHB
New member
CalGal said:
Sorry, I do not remember exactly what steps I went through at the time, which was about three or four years ago, but I did it all by internet. If you start with "bank reserves" and go from there ...
There are different reserve requirements for different types and size banks, and I do know that many of the larger national and international banks now have negative reserves. They are borrowing from the Fed and others to show reserves on their balance sheets.
CalGal_IHB
New member
I too am concerned with banks; however, I also need the interest as well. I currently manage my father's money for him and the interest pays his monthly bills. A few points makes a big difference.Anon. said:
PANDA_IHB
New member
I just got back from working out and saw the news while running. It is some scary stuff. I have a SavingsLink Money Market account with CountryWide that is $200,000 FDIC insured because it is a joint account and also an account with Charles Schwab. Is my money 100% safe? I am getting a little worried seeing the news on IndyMac. Is it best to pull all your money out and put it under your mattress? That's what I read about the Great Depression, that all the banks failed and people could not pull their money out? Is it possible that something like this can happen to us?
I already have a bank account in Canada for my consulting work, and thinking of moving most of my dollars into Canadian money and keeping it there. Is this a wise move?
This is a terrible thing to say being american, but at this point I trust Canadian banks more than i trust U.S. banks. I would like to hear what others think.
Panda
I already have a bank account in Canada for my consulting work, and thinking of moving most of my dollars into Canadian money and keeping it there. Is this a wise move?
This is a terrible thing to say being american, but at this point I trust Canadian banks more than i trust U.S. banks. I would like to hear what others think.
Panda
CalGal_IHB
New member
CalGal ponders: Does Panda already know the answer to this question and he just wants IHB folks to know that he has $200k in one bank (with money elsewhere as well)?PANDA said:
CalGal_IHB
New member
It's not a terrible thing to say, but as an American at least use a capital "A" with "American."
I may not have trust in our banking system, but I'm still proud to be an American - with a Capital A. :coolsmile:
PANDA_IHB
New member
CalGal,
I'm serious about my question. I may be a goof ball most of the time, but this time i am serious. The Savings Link just insures up to $200,000, not that i have this amount, which is irrevalent here. Is the Savings Link at Country Wide 100% safe if my savings is less than the FDIC insured amount?
Panda is proud to be an AMERICAN, a Yellow American that is.
I love my country, but Panda is scared everytime he sees CNBC every morning.
"This is my Country, Land of my Birth. This is my Country, to have and to hold." <- do you guys remember singing this song in elementary school?
I'm serious about my question. I may be a goof ball most of the time, but this time i am serious. The Savings Link just insures up to $200,000, not that i have this amount, which is irrevalent here. Is the Savings Link at Country Wide 100% safe if my savings is less than the FDIC insured amount?
Panda is proud to be an AMERICAN, a Yellow American that is.
I love my country, but Panda is scared everytime he sees CNBC every morning.
"This is my Country, Land of my Birth. This is my Country, to have and to hold." <- do you guys remember singing this song in elementary school?
CalGal_IHB
New member
According to the FDIC regulations, less than $200k in a joint account is insured. Countrywide's SavingsLink money is FDIC insured. It could be insured for more than $200k with beneficiaries. Check out the FDIC website for details.PANDA said:
I never sang that song, but I do remember singing this song every day in 1st grade:
This land is your land,
This land is my land,
From California
To the New York Island,
From the redwood forest,
To the Gulf stream waters,
This land was made for you and me.
Each classroom tried to sing louder than the next classroom.
lendingmaestro_IHB
New member
That song was written on the other side of the sheet of paper where the Native Americans' song was inscribed.
lawyerliz_IHB
New member
I believe the New York Island is Manhattan.
Girl In the OC_IHB
New member
The FDIC estimates its takeover of IndyMac will cost between $4 billion and $8 billion
CalGal_IHB
New member
Ouch!Girl In the OC said:
Trooper_IHB
New member
awgee, I didn't think there was anything wrong with Shoob's question...I was actually saying to myself, "Yeah, I'm glad someone asked that".
I'm quite serious, and not being sarcastic here.....but I'm a touch freaked too. I have a CD in WaMu, under 100K by a long shot...but no chump change. It is up for renewal 8/24....but here's the problem.
It's in my Deferred Compensation account. I simply cannot "remove" it and buy physical gold. I can't remove it period, I can only choose from a set amount of options available to me. So it's locked in there....
I know there is something called "Options Plus" where I can pay 100 bucks a year to add it to my "list" of choices. From what I understand, it then becomes more of a "self-directed" account. I have no idea where to put this money so I feel safe. Even an MMA sounds risky to me now. Not sure if this "Options Plus" addition will add something that feels safer to me....
Anyone have any suggestions?
edit: Yes, I know I can "remove" the $$ from the deff comp acct., but at about a 40% hit.
I'm quite serious, and not being sarcastic here.....but I'm a touch freaked too. I have a CD in WaMu, under 100K by a long shot...but no chump change. It is up for renewal 8/24....but here's the problem.
It's in my Deferred Compensation account. I simply cannot "remove" it and buy physical gold. I can't remove it period, I can only choose from a set amount of options available to me. So it's locked in there....
I know there is something called "Options Plus" where I can pay 100 bucks a year to add it to my "list" of choices. From what I understand, it then becomes more of a "self-directed" account. I have no idea where to put this money so I feel safe. Even an MMA sounds risky to me now. Not sure if this "Options Plus" addition will add something that feels safer to me....
Anyone have any suggestions?
edit: Yes, I know I can "remove" the $$ from the deff comp acct., but at about a 40% hit.
awgee_IHB
New member
Trooper said:
I did not think there was anything wrong with Shoob's question either. It is just obvious that I am a bit opinionated on this subject and that was a warning on the diatribe to follow. For a few years I have been warning that there will be many, many bank failures, and I have felt a bit like a nutter.
It is my opinion that if your CD is insured by the FDIC, you will get paid, whether the FDIC has the money or not. The FDIC is a part of the Federal Reserve and the Fed will "give" the FDIC all the money it needs to insure depositors.
Here comes more nutter stuff: But, it is important to realize that the Fed may not have the "money" or assets or reserves either, and the Fed will print money to give to the FDIC. Realistically, the Fed will have no choice. Can you imagine if the FDIC did not pay out? As the Fed keeps printing money to bail out (take your pick here), those with dollar denominated assets will exit the dollar and the dollar will continue to devalue. So, even when you get your Federal Reserve Notes from the FDIC, what will they be worth? What will they buy?
Discounting price inflation, I would deem short term, (two month), US Treasuries to be the safest.
I do not blame you for being a touch freaked. You are just a bit early. A few more bank failures and many folks will be freaked. I think WaMu is insolvent and MMAs are very risky.