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Close Topic OptionsIndymac - Page 2 of 2
Well, so far it seems it is business as usual - Page 2 - Politics, Business, Civil, History - Posted: 28th Jul, 2008 - 9:42pm
Posts: 10 - Views: 1575
From mortgage lending to trouble...
Indymac - Page 2
Two more banks being overrun by loan losses. This will be a real boon for the larger banks to absorb the little ones. Interesting, because I used to bank at one of these when I lived in Nevada many years ago, First National.
https://www.marketwatch.com/news/story/two-...ks-fail-mutual/
| QUOTE |
| Mutual of Omaha Bank will pay the FDIC a premium of 4.41% to assume all the deposits. The FDIC will retain the remaining assets for later disposition, the FDIC said. FDIC will retain most of First National's loan portfolio, Mutual of Omaha Bank said in a statement on its Web site. The FDIC said the failures would likely cost the FDIC's deposit insurance fund roughly $862 million. The failed banks had combined assets of $3.6 billion, .03% of the $13.4 trillion in assets held by the 8,494 institutions insured by the FDIC. Overwhelmed by problem loans The Office of the Comptroller of the Currency, a division of the Treasury Department, said First National Bank of Nevada "was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," according to a report in the online edition of The Wall Street Journal. .... The Journal also reported that according to regulatory filings, the Arizona-based bank that was folded into First National Bank of Nevada had a net loss of $131.3 million in the first quarter. The bank had $95.9 million in loan-loss provisions, a sign that it was being overwhelmed by problem loans, the Journal report noted. First National Bank of Nevada had a first-quarter net loss of $7.3 million, hurt by a loan-loss provision of $18 million. |
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Indymac
Well, so far it seems it is business as usual at IndyMac. We have not noticed any significant changes with our mortgage. If anything, with the government taking over I feel more secure.
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