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Judge Dismisses Borrower Lawsuit Against IndyMac

By Martha Graybow NEW YORK (Reuters) - A federal judge has dismissed a lawsuit accusing the now-bankrupt mortgage lender IndyMac Bancorp Inc IDMC of inflating the appraised values of homes and misleading borrowers into paying higher closing and financing costs. The...

Tags: FDIC, Lawsuit, Appraisal, Indymac, New York

News items 2008-08-27

Regulator to Help IndyMac Mortgage Borrowers

By Karey Wutkowski WASHINGTON (Reuters) - Thousands of homeowners with distressed mortgage loans linked to failed lender IndyMac IDMC may soon be able to avoid foreclosure under a program announced on Wednesday by U.S. banking regulators. The Federal Deposit Insurance Corp, which seized...

Tags: Bank, FDIC, Regulator, Borrower, IndyMac, Mortgages, Financial Services

News items 2008-08-20

Additional Resources

Federal Reserve holds US rates at 2 per cent

The Federal Reserve held US interest rates steady last night, continuing its wobbly tightrope walk between fears of surging inflation and concern that the credit crisis could send the economy into a dive. Holding the main interest rate at 2 per cent, the Federal Open Market Committee...

Articles 2008-08-06

Customers Can Access up to $50 Million in FDIC Insurance Coverage at Virginia Commerce Bank

ARLINGTON, Va. -- Months of financial market turbulence, uncertain economic forecasts, and the third largest bank failure in U.S. history have unsettled many people, but consumers and institutions searching for a safe haven for their money need to look no further than Virginia Commerce Bank. Virginia Commerce Bank...

Articles 2008-08-05

Is It Time To Expand?

With the bursting housing bubble and the IndyMac debacle as a backdrop, investing in branch expansion may appear to be a shaky proposition. But several analysts say those factors could actually open a window of opportunity for credit unions that can brave the temptation to “sit tight.” “In...

Articles 2008-08-04

Banks aren't only insured financial institutions

When you see a meteor crash through your neighbor's house, bounce out his picture window, roll over his car and finally come to rest atop his lawn gnome, your first thought is to wonder if everyone's OK. Your second thought is, "Gosh! Do I have meteor insurance?" ...

Articles 2008-08-03

IndyMac Federal Bank, FSB Not Affected by Bankruptcy Filing Of IndyMac Bancorp

No Relationship Exists Between The Companies PASADENA, Calif. -- On Friday, August 1, 2008, IndyMac Bancorp, the former holding company of IndyMac Bank filed for bankruptcy protection under the U.S. Bankruptcy Code (Title 11, Chapter 7 U.S.C). This action has no effect on the operations of IndyMac Federal...

Articles 2008-08-01

Fitch Downgrades Indymac Bancorp's IDR To 'D' On Bankruptcy Filing

NEW YORK -- Fitch Ratings has downgraded and removed from Rating Watch Negative the ratings of Indymac Bancorp, Inc. Indymac as follows: Indymac Bancorp Inc. --Long-term Issuer Default Rating IDR to 'D' from 'C'; --Short-term IDR to 'D' from 'C' --Individual to...

Articles 2008-08-01

art of discretion, The

We live in a world where thoughtless people share the intimate details of their lives in cell phone conversations loud enough for anyone within earshot to hear. Newspapers publish peoples' salaries, and young women and men commonly walk around with their underwear showing. Let's face it; this is an era...

Articles 2008-08-01

IndyMac Bank is second-largest bank failure in U.S. history

The Office of Thrift Supervision closed on July 11 the $32 billion IndyMac Bank of Pasadena, Calif., and transferred operations to the FDIC. Behind the Continental Illinois bank failure in the 1980s, it is the second-largest bank failure in U.S. history. The OTS said the immediate cause of the closing...

Articles 2008-08-01

Fitch Takes Various Actions on 2 IndyMac 2005-2007 Prime Deals

NEW YORK -- Fitch Ratings has taken numerous rating actions on the two IndyMac prime RMBS transactions listed below: --IMJA 2007-A1; --RAST 2005-A2. The rating actions were taken as part as Fitch's review of all 2005-2007 vintage Prime RMBS transactions. A spreadsheet...

Articles 2008-07-31

Fitch Takes Various Actions on 30 IndyMac 2005-2007 Alt-A Deals

NEW YORK -- Fitch Ratings has taken various rating actions on the 30 IndyMac MBS transactions listed below: --IMJA 2007-A2; --IMJA 2007-A3; --IMSC 2007-F1; --IMSC 2007-F2; --IMSC 2007-F3; --INDA 2006-AR2; --INDA 2007-AR8; --INDX 2005-AR14;...

Articles 2008-07-31

US lenders fear worst after two more fail

AMERICAN bank executives are braced for another volatile and dangerous week after the collapse over the weekend of two more regional lenders. First National Bank of Nevada and First Heritage Bank NA in California were taken over by the banking regulator after running short of money on...

Articles 2008-07-28

Surviving the Bank Crisis

Last week’s banking news—the federal government stepped in to shore up mortgage-buying giants Freddie Mac and Fannie Mae and to take over the bad-loan dependent IndyMac Bank—left many consumers in a panic. But some experts see the intervention as an opportunity for folks to get their finances in order. “This...

Articles 2008-07-28

CUs Say They Are A ‘Safe Harbor’ In IndyMac Storm

The fallout continues from the failure of IndyMac Bancorp–and credit unions are attempting to capitalize on the fallout hitting other banks. Many CUs across the country are going public with statements declaring themselves to be in good financial condition, with some implying and some outright stating they are...

Articles 2008-07-28

It’s That Time of The Decade: Focus On Federal, Private Coverage

You’ve seen their panicked faces on TV, perhaps even in your community if you live near a branch–bank customers lined up all night and around the block to withdraw their life’s savings from a bank in trouble or rumored to be in trouble (the latter always leading to the self-fulfilling...

Articles 2008-07-28

Assets safe, customers of closed banks are told

PHOENIX AP -- Customers of two banks closed by federal regulators were assured that every penny of their money was protected, preventing lines of angry accountholders from forming Saturday. The calm response was a stark contrast to the hundreds of angry customers who waited for hours earlier...

Articles 2008-07-27

Bank's failure highlights need to do deposit checkup

The federal takeover of IndyMac, a California-based mortgage lender that had $32 billion in assets, has led a lot of folks to wonder whether their own bank will be the next victim of the credit crunch. That's not an unreasonable concern. The Federal Deposit Insurance Corp. has...

Articles 2008-07-27

Don't panic: deposits are safe

Since the failure of mortgage lender Indymac Bancorp Inc., people are worried about their money. But don't bother withdrawing money from your bank or credit union to stash in a coffee can -- it's safer where it is. Despite the hoopla, only five banks nationwide have failed...

Articles 2008-07-25

Banks aren't the only insured financial institutions

When you see a meteor crash through your neighbor's house, bounce out his picture window, roll over his car and finally come to rest atop his lawn gnome, your first thought is to wonder if everyone's OK. Your second thought is, "Gosh! Do I have meteor insurance?" Actually,...

Articles 2008-07-25