Indymac Bank

[FMJeff]

http://alumni.anderson.ucla.edu/images/AW/2007/PerryM.jpg
DOUCHEBAG

So as some of u in paltalk may or may not be aware, my house is financed through IndyMac Bank, which as of this weekend, collapsed and is now run by the FDIC. Hundreds of people, if not thousands, with bank accounts over $100,000 or retirement accounts over $250,000, will be royally FUCKED out of their hard earned money.

I did some research of the CEO, Michael W Perry, who over the last 5 years made over 40 million dollars in salary and perks. In my opinion, the CEO is responsible for everything that happens in his company, much like a President or a King.

Here is a sad, sobering quote from the man who made it all happen:

http://www.sbnonline.com/Local/Article/8143/75/0/Michael_Perry.aspx

"I’m not a big fan of management training. You can give me golf lessons all day long, but I’m not going to be a pro golfer no matter how many lessons I take. "

Oh here's another one:

http://www.cnn.com/2008/US/07/13/indymac/index.html

"Ousted CEO Perry had long argued that it was being unfairly punished given its relatively paltry exposure to sub-prime mortgages."

Oh I'm sorry you've been "unfairly punished", which means absolutely nothing. Unfairly punished? You gave loans to people with no documentation or proof they could actually pay the loan back. What did you THINK you were going to happen?

Hell, you gave me a $417,000 mortgage, 100% financing 80/20 loan with absolutely documentation, and my credit was dog shit. Thanks, I love my house.

Thank you, Michael Perry, who doesn't believe in training your managers, for causing the 2nd worst bank crash in American History.

You sir...are a real man of genius.

[WRESTLINGFAN]

This whole mortgage fiasco has spiraled out of control. It started with 2 of Bear Sterns subprime funds collapsing last summer. With Fannie and Freddie on the brink of collapse, there looks like there is no bottom in site.

CNBC and alot of the other financial news outlets predicted that a lot of these regional banks would faile due to the subprime and credit crisis. I hope everything is ok with your situation.

[KnoxHarrington]

I love when people actually try to defend banks and criticize the people who took these loans. It's like a drug dealer complaining about a junkie burning him.

You could quite literally be a total fucking bum and tell one of these sleazy "sub-prime" lenders that you make a million bucks a year, and they wouldn't check it. The reason for this is that most of those loans were made by companies that didn't have to worry about actually collecting the money. They'd just immediately sell it to another company, who'd sell it to another company, etc. etc. until it ends up in the hands of a major mutual/hedge fund. It was a game of financial three card monte.

Some of these "sub-prime" lenders need to go to prison. For a fucking long time.

[Tenbatsuzen]

http://cache.daylife.com/imageserve/04XadQH8xj7vf/610x.jpg

What?

Isn't Angelo Mozilo mixed up in IndyMac too? I heard his name mention.

[angrymissy]

I'm just going to assume that this means we don't have to pay our mortgage anymore.

Score!

[Tenbatsuzen]

And in the sad but true department, I have good credit but will probably not qualify for a mortgage until I have a 30-40 percent down payment, I'm guessing.

Thanks, subprimers!

[KnoxHarrington]

And in the sad but true department, I have good credit but will probably not qualify for a mortgage until I have a 30-40 percent down payment, I'm guessing.

Thanks, subprimers!

We'll see if this results in any permanent changes to the banking industry. My suspicion is that when things pick back up, we'll see "subprime" loans back in f orce.

[oldladyfacepuncher]

http://alumni.anderson.ucla.edu/images/AW/2007/PerryM.jpg
DOUCHEBAG

In my opinion, the CEO is responsible for everything that happens in his company, much like a President or a King.



Corporate rights are horseshit. SCOTUS has given them the same rights as you and I, but whenever they commit crimes there's no one to hold responsible. Douchebag should be paying the differences on any account shortfalls out of his own pocket till he runs dry, then the next guy in line covers what he can, and so on down the line. Maybe then we'd finally see some corporate responsibility.

[JPMNICK]

this whole mortgage thing is a fucking disaster. it will cause the whole economy to be in a deep recession. it was inevitable that this would happen, home prices were unsustainable. and idiots were getting fat mortgages while they made no money. you do not need a degree in finance or math to see that this was going to go down. in the next few months it will be a great time to pick up bank stocks on the cheap, hold them for a few years and make a nice chunk of change with it

[Tallman388]

And in the sad but true department, I have good credit but will probably not qualify for a mortgage until I have a 30-40 percent down payment, I'm guessing.

Thanks, subprimers!

Actually you could probably get a good FHA loan with about a 10% down payment. I have bad credit and that's what I got.

[JPMNICK]

Actually you could probably get a good FHA loan with about a 10% down payment. I have bad credit and that's what I got.

not when fannie and freddie are in the shit they are in

[sr71blackbird]

I wonder why Schumer wanted to wreck this bank? What does a NY senator have to do with a California institution? What did he have to gain? Did any California senators have a problem with it?

[furie]

well on the upside, IndyMac has an office in my building. Now my division will be able to expand and get more office space.