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indymac: The TRUTH Behind The Credit Market Lockup - 10/15/08 10:47 PM
The truth behind the credit market lockup has nothing to do with liquidity or lack of capital in the system, it is literally about TRUTH itself. Let me list a few examples that illustrate my point.
In March, Bear Stearns' CEO goes on national TV and claims they are well capitalized and don't have a liquidity problem. This statement is backed up from the SEC a regulatory agency in charge of monitoring Bear Stearns. Only a week later Bear Stearns collapses and we later learn, they did not just have liquidity problems but were in fact insolvent (effectively bankrupt) by a … (17 comments)
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indymac: IndyMac Fight: Schumer vs. The OTS and a Rant - 07/12/08 04:11 PM
As I'm sure everybody already knows yesterday the US experienced the second largest bank failure in our history as IndyMac was seized by the FDIC and OTS. One of the first public statements by the OTS was to blame Chuck Schumer a member of the Senate banking committee a letter he sent to them with concerns about the financial stability of the bank, causing a run, which caused the bank to go under.
"The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the … (13 comments)
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indymac: IndyMac officially seized by FDIC - 07/11/08 05:29 PM
As of about ten minutes ago, it's been made official the FDIC has closed down California based IndyMac Bank, who was one of the biggest ALT-A lenders over the last couple years. I believe this is the second largest bank failure in US history behind the Continental Illinois Bank failure back in 1984 who had $45B in assets compared to around $32B for Indymac. The FDIC was unable to find a taker for the bank deposits and instead created a holding company (IndyMac Federal Bank) to manage them.
This one could have been seen a mile away but you still got … (22 comments)
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Matt Heaton
Bothell,
WA
More about me…
Timu Corp - CEO, ActiveRain - Co-founder
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My ramblings about growing ActiveRain, the real estate industry and something I follow very closely, credit markets. Why "The ActiveRain Addiction"?
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