Does the Obama Administration really want to clean up this mess?

Indymac and the FDIC

Indymac closed it’s doors and was seized by the FDIC in July 2008

Indymac now is OneWest Bank

The assets of Indymac Bank were sold to OneWest Bank by the FDIC in March 2009

Steve Munchin John Paulson George Soros

So who owns OneWest Bank? Goldman Sachs VP Steven Munchin along with left-wing progressive billionaire George Soros and John Paulson… Yes, the brother of Hank Paulson, remember the ex-Secretary of the Department of Treasury aka ex-CEO of Goldman Sachs?

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(Remember: Indymac was one of the largest holder of the Option mortgages. If you don’t recall, the option mortgages are the mortgages that you only pay a 1% interest rate and the actual rates will fluctuate around the the actual rates offered, so if the actual rate was 6% then the Indymac homeowner deferred 5% of his/her payment to the back of the loan AND that increases the amount owed to the bank, aka, the mortgage balance. Furthermore, in a depreciating environment where home values have declined by 50% in a lot of areas, it looks uglier and uglier for the tax payer! Let me continue…)

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More From Consumer Mortgage Reports

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• HSBC Shuts B&C Wholesale Unit
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• Thornburg Mortgage To Shore Up Liquidity Position With AAA MBS

IndyMac will cover 50% of uninsured deposits as IndyMac Federal Bank.

The government is stepping in to support IndyMac. Having just changed its name from IndyMac Bancorp after it was seized Friday. The FDIC has assumed control saying it will cover 50% of uninsured deposits and fully insure all up to $100,000, which is normal.

John Bovenzi, the FDIC COO says there’s probably no bank in the country that has access to greater capital and liquidity than Indymac Federal Bank. He also states the FDIC expects to sell it in the next 90 days.

Because Charles Schumer has loose lips, IndyMac Bancorp became the second biggest federally insured financial company to be taken over by regulators.

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• Challenges America’s Families and Neighborhoods Face

Two days after the Federal Deposit Insurance Company took over California based IndyMac Bancorp Inc, officials say the bank will reopen Monday morning (Today) for business as usual.

Related Posts

• IndyMac Federal Bank Receives Government Support
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Build it and they will come….Mr. "Senate Banking Committee"

We have all heard this and very similar statements. Lets take a look at the strategies Charles Schumer is utilizing to help our economy.

Our credit markets are in turmoil, it is harder to get a mortgage, it is more difficult to get credit cards, homes are depreciating in value, jobs are being out sourced to other countries, in fact, even the banks are having a hard time believing in each other. This is probably even the correct psychology seeing how the capitalistic markets trusted each other too much in years past.

So now that we cannot access money no matter what direction we turn.

But wait, look up in the sky, it a bird…no, is it a plane…NO, it is a big mouth named Charles Schumer. A man with "credibility"? A responsible man"? I think not. Or would you think it was a good economic move for our country "In the following 11 business days (since Schumers irresponsible remarks), depositors withdrew more than $1.3 billion from their accounts," the OTS said in a statement announcing the California-based lender’s takeover on Friday.

How can a man that carries the clout of, Senate Banking Committee, chairman of Congress’ Joint Economic Committee and the third-ranking Democrat in the Senate say such horrendous things? What did he think would happen when he stated, now remember he is an authority and on the Senate Banking Committee, "IndyMac was one of the most poorly run and reckless of all the banks," he said. "It was a spin off from the old Countrywide, and like Countrywide, it did all kinds of profligate activities that it never should have. Both IndyMac and Countrywide helped cause the housing crisis we’re now in" . See this article too. CNN

Despite the fact that most of the staff at Consumer Mortgage Reports may agree with his statement, as irresponsible as they were, this was completely uncalled for and the impact of his statement has set the financial recovery back 6 months or more. His statements have lead to the loss of 7,200 jobs, his remarks have put a major damper on the stocks of IndyMac and everyone who had owned them!

Someone else does not agree with Schumer, John Bovenzi, the FDIC COO says, "there’s probably no bank in the country that has access to greater capital and liquidity than Indymac Federal Bank".

Here is a nonrelated news clip from today, Jul. 14, 2008, with someone who obviously disagrees with Schumer.

Schumer, this is your idea of leadership? Take down the boat to teach them a lesson? Did you pick up your philosophies from Adolph Hitler.

If you did your research, IndyMac and all the other lenders have tightened up their guidelines and they could have recovered without these costs put on the American public. It has been said that you would like everyone making $10.00/hour. Well now lets get rid any good paying jobs that are left in America by flapping your mouth like it is Hurricane Katrina.

"And now they are doing what the Bush administration always does: Blame the fire on the person who calls 911.", Schumer states…so where was it your position to call the fire department?

…and if your words do not carry weight, then we request you step down. Quit. Resign. If you claim your words are meaningless, then you are not a leader of the United States!

A little FYI for those who oppose. Indymac and Countrywide were not the only problems. As much as we all love making money, the REAL problem was the excessive greed from Wall Street. If Wall street did not buy all those risky loans NO BANK could sell them!

Oh by the way Mr Senate Banking Committee, chairman of Congress’ Joint Economic Committee and the third-ranking Democrat in the Senate, where you are the Senate Banking Committee when all this Wall Street crap was going on a few years ago? How many of these banking institutions that are now slamming, how much have they given you for your political campaigns? How many banking lobbyists are in your back pocket?

No wonder more and more people are coming out and speaking against your continual irresponsibility. Once again, where was your influence the last few years Mr Senate Banking Committee?

Wise up!

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