Another One Bites the Dust...IndyMac might be going bye-bye

By
Real Estate Agent with HomeSmart International

 IndyMac Bancorp, the ninth-largest U.S. mortgage lender last year in terms of loan volume, is following in the footsteps of it's parent company Countrywide according to a Wall Street Journal Article .  IndyMac began dismantling most of its business amid heavy losses from mortgage defaults. Shares fell 38% to 44 cents.   Matters weren't helped when a US Senator questioned its ability to survive the housing crisis. In consequence, depositors have been withdrawing cash at an "elevated" pace since the announcement.   

Well, it will be interesting to see what happens in the next few weeks. I think Bank of America picking up Countrywide is like buying a toaster at a garage sale.  You think you're getting the deal of the century later to find out all you're left with is a crappy toaster that burns down your house and now you're out a lot of money.

Comments (5)

Jacquie Cliff
Champions Real Estate Services - Lynnwood, WA - Lynnwood, WA
- Real Estate and Short Sale Expert

You are not kidding......who is next?......Back to the days of seller financing...it is the only way anyone will be able to buy anything.

Jul 09, 2008 03:01 AM
Dick Betts
TOUCHSTONE REAL ESTATE - The Villages, FL
REALTOR® The Villages, Florida

Gee they have the 2nd on my house!  Maybe they will lose me in the shuffle.

Jul 09, 2008 03:21 AM
Matt Thomson
Fathom Realty Colorado - Littleton, CO
Helping you find success through real estate

Don't count on it Dick!  I was with American Home when they went under, and was sold to IndyMac.  I even sold my house and bought a new one during the transition (again with IndyMac), and sadly they still have my correct balance and address.

Jul 09, 2008 03:27 AM
Alex Inskeep
HomeSmart International - Chandler, AZ
ABR, REOS - Bilingual

Wouldn't that be sweet if when the banks go under they take all that you owe with them.  I second that motion! :)

Jul 10, 2008 05:05 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

This is old news.  Many were talking about the writing on the wall at least 12-18 months ago. Their only profitable division is Financial Freedom.  My 2c

Signature  My 2 cents

Jul 10, 2008 07:02 AM