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IndyMac CEO Interview CNBC
An interview on CNBC with IndyMac Bank CEO Michael Perry about company's Option ARM mortgage portfolio and Federal Reserve's decision to leave interest rates unchanged.
Length: 185
Rating: 4.60 (9 ratings)
Tags: Option ARM mortgages
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IndyMac Hysteria Continues
Many customers with more than $100,000 deposited at IndyMac Bank were furious when their funds were frozen. The FDIC is now in control of the bank, but confidence is bruised. Bill Whitaker reports.
Length: 140
Rating: 4.40 (7 ratings)
Tags: Mac Whitaker Bill Banks economy
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IndyMac Lending Freeze
In response to an unstable housing and mortgage market, the Pasadena, CA based bank, IndyMac is moving to close all forward mortgage lending business, and cut 3,800 company jobs—more than half of their work force.
The industry leader in alt-A loans, where borrowers with good credit, but fall below prime standards, has come to a point where the nation's mortgage market collapse and credit loss has taken its toll.
Indymac's main problem is, that it is not well capitalized, and would have to shrink assets to raise the funds needed to stay afloat.
By cutting loan production, and reducing operating expenses by 60% with a smaller work force, the company can avoid further damage caused by rising defaults and shrinking capital.
Indymac reported its first loss in the company's 23 year history, after taking a $184.2 million hit. The company is forced to take aggressive measures, as it projects the trend to continue as long as the U.S. housing market struggles.
Length: 207
Rating: 3.50 (4 ratings)
Tags: "IndyMac" "Pasadena" "IndyMac Freeze" Cuts" Bank" IndyMac Mortgage" Lending" "3 800 company jobs" "alt-A loans" "borrowers with good credit" "nation's mortgage market" "cutting loan production and reducing operating expenses by 60%" "Indymac reported its first loss in the company's 23 year history" "after taking $184.2 million hit"
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Indymac Seized By Federal Regulators
In what will go down as one of the largest bank collapses in U.S. history, the Pasadena, California based, IndyMac, was shut down by Federal Regulators.
With a loss of depositors, who withdrew $1.3 billion dollars in the past 11 days, not to mention an abysmal housing market, the weight was too much bear for IndyMac.
A specialist in Alt-A loans, and a bank that helped finance the U.S. housing boom of the 1990's, IndyMac was ultimately ruined by defaults.
At one time, the bank reported $32 billion in assets, but in 2008. Recent efforts saw IndyMac cut over half of its work force to raise capital, but it wasn't enough.
The Federal Deposit Insurance Corporation will assume all operations starting Monday, for what's left of IndyMac's customers.
http://www.EmploymentCrossing.com
Length: 200
Rating: 4.00 (4 ratings)
Tags: "IndyMac" "IndyMac Seizure" Seized By Federal Regulators" "Pasadena CA" "largest bank collapses in U.S. history" "withdrew $1.3 billion dollars the past 11 days" "Alt-A loans" "U.S. housing boom of 1990's" "$32 assets" "reported its first loss 23 years" cut over half work force to raise capital" "Federal Deposit Insurance Corporation" "IndyMac's customers"
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Indy Mac Bank, That's It Folks
Monday first day of Biz with FDIC - technically over weekend you could do couple of things with internet and ATM machine.
Length: 148
Rating: 4.80 (185 ratings)
Tags: IndyMac Bank mortgage
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IndyMac Bank Collapses
Indy Mac Bank - one of largest mortgage lenders goes down - FDIC takes over.
Length: 113
Rating: 3.90 (7 ratings)
Tags: IndyMac Bank
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The fall of Indymac Bank Part 1
First Senator Schumer let's loose with a public "Hey we better watch these guys" email.
Indymac of course issues the standard issue, "We're doing fine."
Wall St. and the general public get the jitters.
Now two different Regulators come out (publicly) telling Schumer to watch his P's and Q's! Distributed by Tubemogul.
Length: 75
Rating: 4.40 (14 ratings)
Tags: feds indymac schumer
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Money Minute: IndyMac, Delta, Retirement
BusinessMoney Minute: IndyMac, Delta, RetirementMoney Minute: IndyMac, Delta, RetirementThe Associated PressThe Associated Press has learned that now-defunct IndyMac Bancorp is under investigation for possible fraud in connection with home loans made to risky borrowers. (July 16)AP Money MinuteThe Associated Press has learned that now-defunct IndyMac Bancorp is under investigation for possible fraud in connection with home loans made to risky borrowers. According to a law enforcement official not authorized to speak publicly about the investigation, the FBI is focused on the company and not individuals who ran it. IndyMac Bank's assets were seized by federal regulators last week after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.--------------------------------More red ink for Delta Airlines. The struggling carrier reported a loss of more than a billion dollars for the second quarter, bringing its total losses to more than $7 billion for the year. Still, the earnings came in ahead of Wall Street's expectations. --------------------------More Americans are dipping in to their 401(k) accounts to weather financial hardships. According to a study by the Center for American Progress, workers in 2004 had $31 billion in outstanding 401(k) loans, a fivefold increase from 1989. Not a wise move, according to the center. Even borrowing a modest $5,000 can dramatically erode savings over time.---------------------I'm Mark Hamrick with AP Money Minute(****END****)
Length: 73
Rating: 0.00 (0 ratings)
Tags: mortgage investigation minute: indymac delta retirement
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