Indymac - an insiders view

Mortgage and Lending with Mortgage Solutions Financial
After the most painful year of my 24 year mortgage banking career, I can now report that I am officially an employee of the Federal Government. As everyone knows, last Friday the Office of Thrif Supervision put Indymac Bank into receivership and tranfered most of the assets to a new company, Indymac Federal Bank, operating under a conservatorship directed by the FDIC. Monday came around and all of a sudden we were closing loans! over $10 million closed on Monday over $14 million closed on Tuesday. The FDIC was able to unwind the mess that Indymac had created in the funding pipeline in one weekend. I never had any intention of working for the Feds and my tenure with them will be short as the retail lending group has been sold to Prospect Mortgage. But for my customers and my sanity, this is a godsend. I only wish this action would have taken place sooner. I feel terrible about those depositors that have over the insured limit with Indymac...they will likely loose that money. But for the thousands of loan customers and the hundreds of employees of the residential lending group (indy retail), this is the best thing that could happen. The only thing worse, in my opinion, than the bank failing would be a slow death with day upon day of unfullfilled promises and week upon week of disfunctional operation. As you might expect in times like this, my phone has not stopped ringing with inquires from customers, referal partners, recruiters, and friends. Often I hear comments similiar to this, "That senator from New York is to blame for this whole mess. His letter leaking the information about Indymac brought the bank down". When I hear these comments I have to respectully disagree. In fact I salute Senator Schumer for being honest in a time when honesty in government is so rare. The administration and the regulators have been sweeping our problems under the rug for way too long. If the Senator's letter allowed some uninsured deposits to be withdrawn before they were lost than I say not only was it reasonable to make the information pubulic, it was his responsibility. I want to publically thank the Senator for accelarating what was going to be the inevitable death of Indymac. Thank you Senator Schumer for helping the customers and employees of Indymac Bank avoid a painful and protracted slow death. Art Marine Sales Manager Retail Lending Group West Indymac Bank 10220 SW Greenburg Road, Suite 245 Portland, OR 97223 (503)764-4005 (866)451-4365 fax (503)853-3959 cell

Comments (4)

Kona Home Team (luva llc) Lance Owens (RS)
Kona Home Team (luva llc) - Kailua-Kona, HI
Getting transactions done, when nobody else can!

Art I agree with you 100% - America needed to know what was going on behind closed doors, my only fear is that the only people that escaped with the money - was more crooked politicians - the ones that had been sweeping it under the rug, and the true loosers were - Mom and Pop - that believed in the system.

I do believe in what goes around - comes aroud though - they will get theirs - someday - somewhere.


Any Idea when Indymac will start answering the phones again - I am in the middle of a short sale - and for the last 3 days the phone message just says - We are to busy to answer the Phones ???? and hangs up.

Thanks again for your article - I wish you the best.


Aloha, and have a great day


Lance Owens (RS)

(808) 936-8383

Aloha Kona Realty Inc.

78-6740 Alii Drive


Jul 16, 2008 05:03 AM
Donna Harris
Donna Homes, powered by JPAR - - Austin, TX
Realtor,Mediator,Ombudsman,Property Tax Arbitrator

Having a Government job means tons of paid vacation and holidays off.  My sister in law has a government job and get like 21 days paid off a year.  21 days?  She could take an entire month off and still have a job to go back to!  I would love that!  On another note, glad to hear loans are closing again.

Jul 16, 2008 05:07 AM
Jin Park
Century 21 Professional Group - Orlando, FL

IndyMac used to be a good bank. I am sorry to see the bank closed. Good luck for all the employees at the former IndyMac Bank.

Jul 16, 2008 05:12 AM
Catryna White

Personally I am glad to see Indymac go down. Their organization has been crooked from get go. When they financed the build of our home a few years back, their stalling tactics created so much havoc, frustration and loss of our personal funds in extra fees we had to pay that there were times I wanted to walk into their offices and take a baseball bat to the ones in charge. So, needless to say I am happy to see these jerks taken down.

Sep 16, 2008 03:52 PM