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- Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV. Bank Failures.
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Bank failures are not common occurrences. And seeing a large group of people lined up at 7:30AM in a prime Southern California location with distraught faces ready to withdraw their money from the now taken over IndyMac Bank was even more surreal. The idea of a large brick and mortar institution not keeping your money safe is enough to unnerve the strongest of us. Bank failures may seem like part of a distant past associated with the Great Depression or the S & L crisis but certainly not to our current era.
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14 July, 2008| housingblogs |
Comments (0) @ 23:55
- Fed-run IndyMac Halts Foreclosures
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The FDIC has halted the foreclosure process for all portfolio-held loans of IndyMac customers. FDIC chairwoman Shelia Bair has been critical of banks and lenders for not doing enough to modify loans for customers in trouble. There is no word on the specific changes the FDIC will make to IndyMac’s loan policy, but needless to say from the mouth of Bair they’re going to more aggressively attempt to modify delinquent loans instead of foreclosing.
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14 July, 2008| housingblogs |
Comments (0) @ 23:32
- YouTube video of the people who obviously didn’t read HP, standing in the line of desperation outside IndyMac
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Ignorance is not bliss.What is it with sheeple? They stood in lines to buy “investment condos” not too long ago, and now they’re standing in lines trying to get what’s left of their money out of the bank who lent the money to investors in “investment condos”.When you’re standing in a line with sheeple, you can pretty much assume you’re screwed.Ya gotta feel sorry for these people, to a point. I don’t know what else we could have done….
Original Source: housingpanic.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 23:14
- Starbucks as the new housing proxy?
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Paul Kedrosky has a great map of the first wave of Starbucks store closings. They correlate rather well with areas impacted by foreclosures due to subprime mortgage resets.
Seems like a pretty good proxy to me. I’ll admit that I have a small Starbucks problem, so now I am writing down every time I skip the Bux and save real bucks and pat myself a little on the back …
Original Source:
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14 July, 2008| housingblogs |
Comments (0) @ 22:57
- hmmm…
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Original Source: housingpanic.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 22:47
- And then the banks started to fail, people got in lines, and the talking heads finally woke up
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Good questions (asked too late) in this MSM report.Where were the regulators?Where was Chris Dodd?Where was Ben Bernanke?Where was Barney Frank?Where was Sheila Bair?Where was George Bush?
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Original Source: housingpanic.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 22:46
- Will The FDIC Need to be Bailed Out?
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Recently, the Federal Reserve came up with a list of 150 banks that were candidates for failure. From the IStockAnalyst: Also, of the $53 billion the FDIC has to reimburse consumers of failed banks, IndyMac is estimated to need between $4-8 billion, putting more pressure on existing banksOne medium sized failed bank, I…
Original Source: bubblemeter.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:34
- Will The FDIC Need to be Bailed Out?
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Recently, the Federal Reserve came up with a list of 150 banks that were candidates for failure. From the IStockAnalyst: Also, of the $53 billion the FDIC has to reimburse consumers of failed banks, IndyMac is estimated to need between $4-8 billion, putting more pressure on existing banksOne medium sized failed bank, I…
Original Source: bubblemeter.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:34
- [In The Media] Real Estate Radio USA Appraisals & Bits
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I had the pleasure of being a guest on Real Estate Radio USA for a discussion of mortgage securitization, how to value a property in a declining market, AVM’s and the spin cycle.
I was on last week, but like all my posts in the last two days, I had to wait until …
Original Source: matrix.millersamuel.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:23
- Stupid WaMu Loans, Part II
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Seems like WaMu loan brokers really fell in love with million dollar 4Closure Ranch McFlops of Ivy Gate in the summer of ‘07.In addition to 10117 Winecrest featured on the last BMIT post, a fellow neighbor in Ivy Gate also got some sweet loving from WaMu:…
Original Source: bubbletracking.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:22
- L.A. listing prices flat over past week
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Median listing prices in Los Angeles County were flat over the past week as inventory of for-sale homes and condos dipped a little, according to Housing Tracker’s weekly analysis of MLS listings,
Median listing prices held at $425,000, down 20.6% from year-ago levels. Also worth noting: inventory is now running just 4.6% ahead of year-ago levels.
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Original Source: feeds.latimes.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:17
- [Other Shoe Drops Department] IndyMac Needed Appraisals Done Before Judgement Day
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Sometimes it’s the little things that give you a sign that something is amiss.
Our firm had been approached recently by IndyMac to perform appraisals for their growing mortgage presence in our market.
Over the weekend, IndyMac was seized by regulators…
Original Source: matrix.millersamuel.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:01
- [Other Shoe Drops Dept] IndyMac Needed Appraisals Done Before Judgement Day
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Sometimes it’s the little things that give you a sign that something is amiss.
Our firm had been approached by IndyMac to perform appraisals for their growing mortgage presence in our market.
Over the weekend, IndyMac was seized by regulators…
Original Source: matrix.millersamuel.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:01
- [In The Media] 4Realz Roundtable On Appraisals Cuomo/GSE Agreement For 1-1-09
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Dustin Luther, the godfather of the real estate blogosphere with his famed Rain City Guide blog on the Seattle market and has an insightful new blog called 4Realz.net. He invited me to participate with R…
Original Source: matrix.millersamuel.com
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14 July, 2008| housingblogs |
Comments (0) @ 21:01
- U of O Index Indicates Recession Started In March
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Professor Duy released the U of O Index of Economic Indicators for May last week.The University of Oregon Index of Economic Indicators again extended its decline in May, falling 0.3 percent to 100.7 (1997=100). Only three indicators—the interest rate spread, the Oregon weight-distance tax, and Oregon building permits—improved. Remaining indicators held roughly steady or deteriorated. Compared to six months ago, the index declined at an annualized 3.5 percent rate, the fourth decline greater than 2 percent in the past five months. Such persistent weakness is consistent with at least a mild recession….
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14 July, 2008| housingblogs |
Comments (0) @ 20:34
- [Smoking Gun Crack] Signs Of Housing Recovery
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In a lapse of judgement, poor writing or an irrational need to be contrarian, the normally solid publication Barrons (I subscribe) drops the ball on their cover story:
B…
Original Source: matrix.millersamuel.com
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14 July, 2008| housingblogs |
Comments (0) @ 19:15
- New Fair/Local Directory, Fiestas de Taos, and More — Town of Taos News Brief #59 7.14.08
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1) Sign Up to be in the “Buy Fair, Buy Local” Directory: Fill out and return the attached questionnaire to this office or the Taos County Chamber of Commerce to become part of the new Taos ‘Buy Fair, Buy Local’ Directory. This is a new listing that is supporting both Fair Trade and Taos ‘Buy Local’ purchasing practices. If you support Fair Trade and buying local in any way, or would like to, this is your opportunity to participate. The Directory itself will be online and in print form for locals and area visitors to use to find Fair Trade and locally produced Taos items, in addition to supporting organizations that endorse these market approaches. Attached is also a recent news release and briefing document about the Town of Taos ‘Buy Fair, Buy Local’ campaign. These documents provide information about Fair Trade and the approach that it is in line with ‘buy local’. Questions? Email Rocky Shuster, St. James Episcopal Church, s…
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14 July, 2008| housingblogs |
Comments (0) @ 18:43
- Asking Prices and Inventory updated 2008-07-14
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DateCity/MetroStateInventoryMedianAsking Price
2008-07-14AlbuquerqueNew Mexico6900$249500
2008-07-14AtlantaGeorgia115010$218900
2008-07-14Austin…
Original Source: www.housingtracker.net
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14 July, 2008| housingblogs |
Comments (0) @ 18:20
- Forget inflation, stabilize the markets
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The toleration of inflation is becoming fashionable. Freddie and Fannie are safe, but Citigroup has gone dangerously mysterious.Avoid interest rate hikes and inflation will kill youI despair when I read stuff like this. Kate Barker is warning the MPC “must guard against keeping interest rates too high for too long and from tipping Britain’s economy into a slump as it fights to curb inflation, one of its most influential officials says today.” Did Ms. Barker clock yesterday’s producer price data. Yes, there was another digit after the one. Yes, it did say 10 percent inflation….
Original Source: ukhousebubble.blogspot.com
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14 July, 2008| housingblogs |
Comments (0) @ 18:19
- WSJ: Paulson Drove GSE Rescue Plan
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From Deborah Solomon and Sudeep Reddy at the WSJ: Paulson Drove Plan to Shore Up Fannie, Freddie
The WSJ reports that about two weeks ago Paulson ordered his staff to draw up contingency plans in case Freddie or Fannie faltered. When that planning was leaked in a WSJ article last Thursday, equity investors realized that any bailout plan would seriously dilute their holdings, and this led to more…
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14 July, 2008| housingblogs |
Comments (0) @ 17:48