IndyMac Fallout in Brooklyn?
Here’s a spooky anecdote from Daily Gotham: “Today, my brother saw a crowd at the Duarte [California] IndyMac Bank desperately trying to get their savings out. Many elderly people were claiming that they are being offered dollar for dollar on the first $100,000…after that only fifty cents on the dollar.” And here’s another one from…
Here’s a spooky anecdote from Daily Gotham: “Today, my brother saw a crowd at the Duarte [California] IndyMac Bank desperately trying to get their savings out. Many elderly people were claiming that they are being offered dollar for dollar on the first $100,000…after that only fifty cents on the dollar.” And here’s another one from a recent report from the Center for Responsible Lending:
“I would reject a loan and the insanity would begin,” one former underwriter told CRL. “It would go to upper management and the next thing you know it’s going to closing… I’m like, ‘What the Sam Hill? There’s nothing in there to support this loan.'”
Even if, knock on wood, runs on banks aren’t in our near future, is IndyMac’s failure likely to affect Brooklynites directly or indirectly? Or will it indeed be business as usual after the FDIC bailout?
It Begins: My Brother Witnessed a Run on a Bank [Daily Gotham]
Photo by Alec81.
Sorry about that. We pulled the post for a few minutes to fix it and it got deleted–along with the two initial comments–by mistake. As you can see, we’ve left the critical comments in there now.
Why assume he censored it? I tied posting and there was an error message page so for all you know, it was a techie error. Not unknown on the blog.
Brownstoner, what’s up with censoring Brooklynnative’s earlier comment?? Though critical, it was hardly out of line, and in fact was attempting to be constructive.
Hey, don’t keep more than $100,000 in one account, btw. There is no reason to. (And it is likely that even the people who did that will be getting more than 50 cents on the dollar on the money that exceeds the insurance limit, just not today.)
I agree that although this is news, there are many more pertinent economic stories closer to home. This just is so dramatic as it reminds people of the Depression.
Only .50 on the dollar after 100k? Duh. Doesn’t anyone read those FDIC insurance stickers all over banks?
Probably correct Brooklynnative but look on the bright side…it has rattled the What’s cage and brought back his ranting. God we missed it so!
I see the post is back minus my earlier comment so I’ll say it again. IndyMac has no branches outside of California. Why would you post that alarmist picture suggesting it will effect Brooklyn? There are so many financial stories more directly relevant to the Brooklyn market than this. Why not mention something related to Fannie Mae instead for God’s sake? This is the third time that Gabby has posted something that is simply ridiculous. She completely mangled the Corcoran statistics a few weeks back, she once posted something from a newspaper that was touting a new real estate search engnine that was obviously just a cheap advertisement, and now this. I’m afraid I think she really brings down the quality of this site.
Yes, this is a fact. Why is a blog post/anecdote being referenced as a source when it’s been all over the papers?
Calling All Asshats, Calling All Asshats! This what a “Bank Run” looks like..
http://tinyurl.com/676enq
IndyMac seized by federal regulators
“Customers queue outside of an IndyMac Bank branch in Santa Monica, California on July 14. US financial markets are on tenterhooks as the banking sector faced a crisis of confidence even after an unprecedented government rescue of mortgage giants.”
Yep unprecedented.. This is going to end very very bad…
The What
Someday this war is gonna end…