Friday, July 11, 2008

IndyMac now IndyMac Federal

Bank Failure Friday.

http://www.fdic.gov/bank/individual/failed/IndyMac.html

Next up; WaMu. You tell me why.

27 comments:

wagga said...

First reason for WuMa failure:

Blind marketing. I received at least one credit card solicitation per week for about three years. A couple of hundred bucks spent on me with no bite on my part. That's a soggy worm on that hook!

Rob Dawg said...

... And have they been buying expensive real estate in your 'hood for new branches? That's another reason.

Steve said...

If WuMa fails, it will because of those commercials where people zone out after being told they are getting free checking.

The roller dancing one was so 70's and not even a hot chick or roller derby or anything that wanted me to associate with this bank

Casey Serin said...

They approved me for a credit card back when my FICO score was around 490...! Nuff said.

I repaid their "keen business acumen" by proceeding to defraud them of over $10,000. Remember when WaMu inquired about settling my outstanding debt for 70 cents on the dollar, and I whined that they could do better than that? Sweet!!

Yet another lender of mine goes bankrupt (c.f. Countrywide, CashCall, etc), while I skate free! It's all good... always! :-)

Bakersfield Bubble said...

DSL! Guaranteed...book it!

segfault said...

Did Cashcall go BK?

Casey Serin said...

Did Cashcall go BK?

A number of months ago, I believe they stopped accepting new loans and were in serious financial trouble. I just checked right now, and their site is dead.

Another victim of the Casey Serin Fraud Machine!! Next in line to be run over, you, the U.S. Taxpayer. Thank you, U.S. Senate! ;-)

Winston said...

ooooh, WaMu. Good call. I'm betting on Zions, but that's just because they're offering IndyMac like CD rates and they have lots of subsidiaries who have offered lots of innovative products.

Akubi said...

I think the jellyfish in the sky are sucking this country dry.
BTW who is this angry white guy? Does he comment here?

Bill in NC said...

"The bank failure is the second largest in U.S. history...

The FDIC said the bank has about $1 billion of “potentially uninsured deposits” held by 10,000 depositors.

Wade Francis, president of Long Beach-based Unicon Financial Services, said there is 'very little' chance that uninsured depositors will get all their money back because IndyMac had a large number of home loans, which will be difficult to sell off."


http://www.labusinessjournal.com/article.asp?aID=37661903.1655216.1653743.8036484.5684062.674&aID2=127202

Akubi said...

Hyperreal Reaganomics = FAIL!
Where's my caviar?

Akubi said...

Keep your popcorn biofuel.
We are so f-ed I'm finding it difficult to be upbeat per se.

Pleather Murse said...

Slightly OT: while the US gets more socialistic, Cuba may be getting more capitalistic, viz.: "President Raul Castro warned Cubans on Friday to prepare for a 'realistic' brand of communism that is economically viable and does away with excessive state subsidies designed to promote equality on the island. Raul Castro announced no major reforms, but suggested that global economic turbulence could lead to further belt-tightening on the island. 'Socialism means social justice and equality, but equality of rights, of opportunities, not of income,' the 77-year-old president said in a speech that was taped and later aired on national television. 'Equality is not egalitarianism.' http://tinyurl.com/56ogp6

Lost Cause said...

Nationalize the energy companies next.

w said...

Yes, lets have a nationalized workers paradise.

People complain about Halliburton but who do they think will end up running the oil companies? Outside contractors. And once Congress becomes dependent on oil income to pay the bills it will become our achilles heel. Eventually, they will open up every wildlife refuge when the choice is to stop drilling or stop spending, just give it a generation. Can you imagine the graft by politicians once they get their hands inside of anything as tempting as an oil company? "Senator, how did your son-in-law become the special advisor to the National Oil Company? What does he do for 600k a year?"

Edgar Alpo said...

Neg-am payments never received booked as profits. Executives garner bonuses based upon fraudulent earnings, dividends payed out based on same. A good percentage of loans given in bubble zone west coast. It doesn't matter, it wasn't real money anyway, merely FRN, which are nearly worthless.

Vince said...

I almost went to work for Wamu back in the 90s. I met the CEO Kerry Killinger when he was taking over Home Savings back then.

I dont see how they can survive in their current form. Killinger has a lot of friends, but i dont think anyone wants his company.

Lost Cause said...

Yes, w, that pretty much explains everything. Thanks for painting a picture of the present reality.

Tav said...

Casey Serin Greatest Hits ... PART II !!

I'm scheduling another talkcast for Wednesday, July 16 at 7:00 PM EST to play more swingin' Casey Serin sounds of talkcasts of yore. I'll also take calls from people in between clips.

LINK

You can listen to part 1 of the talkcast at the link above.

Lou Minatti said...

I bank at WaMu. Based on my experience yesterday, it's pretty clear that they're in deep dog doo. They are desperately trying to keep deposits.

Lost Cause said...

My experience on the phone with BofA means that they are desperately trying to get rid of customers.

Jean ValJean said...

Lou's not the only one banking at WaMu.... I have about 15k in checking and savings there...

I'm pondering my options now..

Credit Union?

Chuck Ponzi said...

Bakersfield bubble is right. DSL is up next, IMO.

Chuck Ponzi

Entre the running of the banks!

Lost Cause said...

Yeah, credit union, except that some of them make home loans.

Lost Cause said...

So if IndyMac is now IndyMac Federal Bank (what a mockery that makes of that term), what does that make Fannie Mae and Freddie Mac? Hank Paulsen's bitchez?

Zintradi said...

I think if you have a wamu account, it may be prudent to simply open a new account at a competing bank with your next paycheck. Don't withdraw anything major from Wamu, just back away slowly.
We all saw what public perception of failure had on indymac... perhaps the senator's letter just brought about the inevitable,and if that never happened maybe they could have pulled through but we'll never know.

Nico said...

I pulled $400k out of WaMu today, the account was structured to provide full FDIC coverage (four beneficiaries), yet don't want to deal with the increasingly likely run.

Funny thing? Customer service reps on the 800 number initially refused to give me the account number over the phone due to "security reasons", and on a second phone call they said "we're having problems right now, can you call back in 30 minutes?".

I walked (more like RAN) into the local branch to get the account number to transfer the funds out.

Something's up at WaMu.