{"id":3330,"date":"2008-07-07T16:41:50","date_gmt":"2008-07-07T23:41:50","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3330"},"modified":"2008-07-07T16:41:50","modified_gmt":"2008-07-07T23:41:50","slug":"indymac-bank-to-close","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3330\/indymac-bank-to-close\/","title":{"rendered":"IndyMac Bank To Close?"},"content":{"rendered":"

Depositors are fleeing because legislators are pressing<\/a>.<\/p>\n

But depositors may have been spooked by a letter late last week from Sen. Charles E. Schumer<\/strong><\/em> (D-N.Y.) to the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Federal Home Loan Bank of San Francisco, saying he was “concerned that IndyMac\u2019s financial deterioration poses significant risks to both taxpayers and borrowers.”<\/p><\/blockquote>\n

IndyMac Bank is shrinking.\u00a0 From their corporate blog<\/a>:<\/p>\n

As a result of the above, we have made the difficult decision, effective July 7, 2008, that we will no longer accept any new loan submissions or rate locks in our retail and wholesale forward mortgage lending channels, except for our servicing retention channel. We plan to honor all of our existing rate-locked loans and will continue to fund these loans in the coming weeks. While the managers and employees in these units have worked incredibly hard, these units are not currently profitable due to the continuing erosion of the housing and mortgage markets. At the same time, these operations take up significant balance sheet capacity and \u201cfeed\u201d growth in the servicing asset, an asset we need to shrink given its size relative to our existing capital.<\/em><\/p><\/blockquote>\n

Damn !\u00a0 Another good bunch of people jobless.<\/strong><\/p>\n

This isn’t the big one.\u00a0 Expect a BIG bank to go belly up later this year.\u00a0 I’m completely guessing but my money would be on WaMu or Wachovia.<\/p>\n","protected":false},"excerpt":{"rendered":"

Depositors are fleeing because legislators are pressing. But depositors may have been spooked by a letter late last week from Sen. Charles E. Schumer (D-N.Y.) to the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Federal Home Loan Bank of San Francisco, saying he was “concerned that IndyMac\u2019s financial deterioration poses significant […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[196,197],"class_list":{"0":"post-3330","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"tag-indymac-bank","8":"tag-indymac-bank-closes","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2550,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2550\/helocs-frozen-preserving-american-homeownership\/","url_meta":{"origin":3330,"position":0},"title":"HELOCs Frozen: Preserving American Homeownership","author":"Brian Brady","date":"January 29, 2008","format":false,"excerpt":"Preserving the American Dream is a position paper authored by John Dugan, Comptroller of the Currency. \"Preserving American Home Ownership\" is the \"initiative\" rumored to be pondered by Countrywide Home Loans, IndyMac Bank, and Washington Mutual. N.B.: The following is rumor; something that was \"heard on the street\". Jeffrey Smith\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1250,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1250\/a-farewell-to-arms-one-less-option\/","url_meta":{"origin":3330,"position":1},"title":"A Farewell to ARMs: One Less Option","author":"Brian Brady","date":"April 1, 2007","format":false,"excerpt":"Are Option ARMs the next casualty in the non prime mortgage meltdown war? Wall Street fired the shot heard 'round the world in the mortgage default war by demanding repurchases from subprime lenders. Lenders either closed their doors or waved the white flag and allowed the conquering army to annex\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2418,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2418\/florida-first-certainly-california-next-nevadaand-absolutely-arizona\/","url_meta":{"origin":3330,"position":2},"title":"Florida First, Certainly California, Next Nevada,and Absolutely Arizona","author":"Brian Brady","date":"December 24, 2007","format":false,"excerpt":"Lenders don't love us no' mo'. Want a vacation crib in Miami? How about an investment property in Orlando? Show up with 40%, no seller carry-backs allowed, thankyouverymuch. This e-mail came in this morning from IndyMac Bank : Florida Guideline Restrictions Transactions securing properties located in the state of Florida\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4374,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4374\/mortgage-market-week-in-review-9\/","url_meta":{"origin":3330,"position":3},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"September 12, 2008","format":false,"excerpt":"Well, it\u2019s Friday again, so it\u2019s time for another Mortgage Market Week in Review.\u00a0\u00a0 I\u2019m going to talk just a little about Fannie and Freddie and then deal with some of the other issues that are currently affecting the financial markets. First Fannie and Freddie: As EVERYONE knows by now,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2002,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2002\/the-mortgage-liquidity-crisis-is-over\/","url_meta":{"origin":3330,"position":4},"title":"The Mortgage Liquidity Crisis Is Over","author":"Brian Brady","date":"October 3, 2007","format":false,"excerpt":"The liquidity crisis in the mortgage industry is over. I don't mean that we are going back to the lending guidelines of the go-go years of 2003-2006 but the non-conforming loan guidelines are coming back to a sense of normalcy. Dan Green talked about the non-conforming home loan market being\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1764,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1764\/when-lenders-stop-lending-another-lender-lends\/","url_meta":{"origin":3330,"position":5},"title":"When Lenders Stop Lending, Another Lender Lends.","author":"Brian Brady","date":"August 7, 2007","format":false,"excerpt":"The title is a funny play on words from advice Jeff Brown and Ron Feinberg gave me last week. When I returned from Inman last week, the market started melting down. I pride myself on my cool head but some days the Awshits sneak up and dominate my mind; Friday\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3330"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3330\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}