You may have heard of the FDIC takeover of IndyMac Bank on Friday. This is bad news for IndyMac depositors (at least those with deposits in excess of the insured limit) and for IndyMac shareholders. This could be really bad news for any of us trying to close deals with IndyMac financing.
Will they close? The big question for us is whether or not IndyMac's successor entity will honor IndyMac's outstanding loan commitments. So far there is no clear answer. One IndyMac loan officer sent me an email from his vacation to say that "yes" the commitments would be honored. I heard of another case, however, where the FDIC placed additional conditions on the loan which will ultimately prevent it from closing. For those of us expecting to close deals with IndyMac financing, we'll have to wait it out through the weekend. I don't expect any definitive answers before Monday. I believe that even the IndyMac websites will be down until then. For information, the FDIC says: For all questions regarding new loans and the lending policies of IndyMac Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website at www.IndyMac.com."
We'll see how this plays out. Meantime, I'll be checking with other lenders to see who is best able to take over these cases and to quickly arrange for alternate financing. I hope you find this information useful. Good luck, and feel free to contact me if you have any questions. Sincerely,