Word: indymac
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...IndyMac will soon earn the first half of its name back. The Federal Government, which seized the failed bank last summer, is expected to close a deal in the next week that would return the California mortgage lender to private ownership. For IndyMac, the deal means independence in less than eight months. For the government, the IndyMac sale provides a shining example of how takeovers can work, at a time when the Obama Administration may soon begin pushing for more nationalizations. (See 25 people to blame for the financial crisis...
...fact that the government ownership of IndyMac is coming to an end in just eight months is successful," says Kevin Stein, a former associate director of resolutions at the Federal Deposit Insurance Corporation (FDIC) and an investment banker at FBR Capital Markets. "Nationalization is a tool that has been used in the past and can be effective in the future in certain situations...
...credit cards? Do I really need this caviar face treatment? Or, as Ayres writes, "does anyone my age have any money? Or are my financial issues generational in nature?" A hundred pages later, he will move in with a woman and score a mortgage from a little bank called IndyMac, which would eventually go on to become the second-largest bank failure in history. Somehow, Ayres knew the fall was coming and kept going anyway...
...best interest to keep borrowers in their homes, even if they're paying less. Foreclosure is such a costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program is now a template for what the government might encourage at a national level. Basically, the FDIC wants to set up a series of incentives, like $1,000 for each modification, as well as loss sharing, should rewritten loans run into trouble...
Multimedia: The IndyMac Panic...