After failing and being seized by the FDIC earlier this year, Indymac is now on the block to be bought within 90 days. The FDIC has taken on the role of investment bank as the bank failures mount. After the Indymac failure depleted the FDIC fund, FDIC head Sheila Bair took on a new approach, [...]
Posts Tagged ‘Downey Savings’
US Bank Posting $1.2b Writedown, No Mention of Downey
US Bank is posting $1.2b in writedowns for the fourth quarter according to WSJ. This is due largely to loan losses. It’s unclear whether this includes the losses from recently acquired Downey Savings following the FDIC’s seizure of Downey. Downey was one of the top originators of Option ARM loans, which led to their demise [...]
Citigroup’s Government Bailout, Roundup of Massive Retail Closures
Downey and Two Other Banks Seized by FDIC Over the last few years, Downey Savings bought its share of loans from brokers. They were seized Friday. They, along with PFF Bank & Trust (Pomona, CA) were taken over by U.S. Bancorp. Downey is the third largest bank to fail this year, and US Bancorp has [...]
Downey Savings Seized by FDIC, Sold to US Bank. Customer Loans, Deposits Safe
Downey Financial, a Newport CA based savings and loan, was seized by the FDIC Friday and sold to US Bank in a deal the FDIC brokered. As of October 22, Downey’s loans no longer collecting interest were 15.7 percent of bank assets. Most of these bad loans were from their portfolio of about $7 billion [...]
Jobless Claims Highest Since 1991, Not All Bad Changes For ING Loans, Mortgage Apps Up
Thank you Judy S.: I don’t know if Adolph Hitler ever discussed Ron Paul, granite countertops, or AIG, but this is one clever video. Downey Savings In Trouble Rumors, and facts, are suggesting that Downey Savings is on the ropes. More Mortgage Application Disclosures Coming What will loan agents be doing in a year? How [...]
LIBOR Drops Five Days In A Row!, Oil At 13mo Low, Housing Starts At 17yr Low
Why couldn’t I have been born a Saudi prince? Then I could influence the supply and demand of a commodity. Crude oil prices hit a 13-month low, and so now OPEC will probably announce production cuts at a meeting next week. Under the heading, “nothing goes up, or down, forever”, oil has tumbled more than [...]
Downey Closing Wholesale Mortgage Division in 30 Days
Another week, another lender exits the mortgage brokerage (or wholesale) business. Downey Savings has just announced that they will shut down their wholesale division, and all loans must clear their pipeline in 30 days.
Housing Bill Verbiage, Provident Cuts Fallout Brokers, WaMu Losing Deposits
“Do not corner something that you know is meaner than you.” And is there anything meaner than me when I feel I was on the bad side of a trade? Last week I bought some Krispy Kreme stock for my daughter. This week it was lower! So I called Charles Schwab to complain, and ask [...]
