Word: indymac
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Dates: during 2000-2009
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...many of these deals done, the FDIC has had to swallow the banks' riskiest assets. The FDIC now owns $15 billion in bank loans and other troubled debts, up from about $300 million at the end of 2006. In its most recent deal to sell California-based IndyMac to a group of private-equity investors, the FDIC agreed to shoulder as much as 75% of the bank's $16 billion lending portfolio in order to close the deal...
...street, but if we're too much under the market, at some point they'll leave," says Steve Andrews, president and CEO of the Bank of Alameda. The San Francisco Bay Area bank has been forced to keep rates artificially high, Andrews says, as one flailing competitor after another - IndyMac, Washington Mutual, Downey Savings & Loan - has pushed up rates in an attempt to attract deposits and stave off insolvency. "It's frustrating riding into work and hearing about [deposit rates] at 4%," says Andrews. "That's prime rate - there is no margin...
...eligible to have their monthly payment reduced to 38% of gross income, as long as they're not in bankruptcy and can illustrate a hardship or change in financial circumstances. This model, based heavily on a streamlined loan modification program the FDIC is implementing at the failed lender IndyMac, is a strong endorsement of the idea that doing a lengthy analysis of homeowners' finances is taking too long to make a dent in the nation's housing woes...
...banks willing to adjust mortgages in a loss-sharing agreement. The FDIC would guarantee any losses on loans readjusted for homeowners who can show a 38% debt-to-income ratio, similar to what the FDIC worked out for the 60,000-odd bad loans it ate when it closed IndyMac bank...
...Those principles are similar to the ones the FDIC worked out for the 60,000-odd bad home loans it took on when it closed IndyMac, a failed California bank, last summer. Bair outlined her proposal in testimony on Oct. 23 before the Senate Banking Committee. "The government could establish standards for loan modifications and provide guarantees for loans meeting those standards," she said. "By doing so, unaffordable loans could be converted into loans that are sustainable over the long term." At the same hearing, Neel Kashkari, the acting assistant Treasury Secretary in charge of the $700 billion bailout package...