IndyMac

Source: news.google.com --- 8 hours ago
100 Mortgages IndyMac Borrowers Get Lifeline Wall Street Journal - 1 hour ago By MICHAEL R. CRITTENDEN WASHINGTON -- The US federal government threw a lifeline to cash-strapped borrowers of failed thrift IndyMac Bancorp Inc. Wednesday, unveiling a plan to quickly modify thousands of mortgages to keep consumers in their homes and ... FDIC Will Modify Mortgages for Some IndyMac Borrowers (Update2) Bloomberg IndyMac borrowers to get relief CNNMoney.com Reuters  - Bizjournals.com  - MarketWatch  - TheStreet.com all 195 news articles ...

Source: news.yahoo.com --- 9 hours ago
IndyMac Federal Bank has announced a new program to modify troubled mortgages into performing loans through a combination of longer payment periods and interest-rate reductions, according to the Federal Deposit Insurance Corp. ...

Source: news.yahoo.com --- 11 hours ago
AP - Troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail. ...

Source: money.cnn.com --- 10 hours ago
The FDIC, six weeks after taking over mortgage lender IndyMac Bank, said Wednesday that it will start automatically modifying some of the bank's most troubled loans to keep borrowers in their homes. ...

Source: xml.news.aol.com --- 7 hours ago
Troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail. ...

Source: money.cnn.com --- 12 hours ago
Six weeks after taking over mortgage lender IndyMac Bank, the FDIC announced a plan on Wednesday to automatically modify some of the bank's most troubled borrowers to keep them in their homes. ...

Source: money.cnn.com --- 14 hours ago
Read full story for latest details. ...

Source: www.nytimes.com --- 12 hours ago
Thousands of homeowners with distressed mortgage loans linked to the failed lender IndyMac may soon be able to avoid foreclosure under a program announced Wednesday by banking regulators. ...

Source: www.reuters.com --- 10 hours ago
WASHINGTON (Reuters) - Thousands of homeowners with distressed mortgage loans linked to failed lender IndyMac may soon be able to avoid foreclosure under a program announced on Wednesday by U.S. banking regulators. ...

Source: www.reuters.com --- 8 hours ago
WASHINGTON (Reuters) - California's attorney general is reviewing a request by former employees of IndyMac Bancorp Inc to investigate whether a New York senator triggered the bank's collapse by releasing confidential information. ...

Source: latimesblogs.latimes.com --- 17 hours ago
Wall Street has plenty of doubts about the survival of Downey Financial Corp., as the Newport Beach-based lender’s $2 share price indicates. Now, one analyst is sticking his neck out, asserting that Downey won’t follow IndyMac Bank into the ranks of failed lenders. Christopher Whalen, a partner at Hawthorne-based market research firm Institutional Risk Analytics, says that despite Downey’s high mortgage loan default rate, he believes that "hysteria and media hype" may be obscuring the value in what he considers a strong retail banking franchise. He thinks the firm’s $60-million stock market value is "silly" -- as in, way too low -- even assuming what he says are worst-case numbers for future loan losses. Whalen is a smart guy who more than a year ago was warning of massive losses in the banking system because of the subprime debacle. So he has street credibility. His commentary on Downey has been posted on the SeekingAlpha investing website. Part of Whalen’s defense of Downey rests on the fact that the $13-billion-asset thrift has a strong core base of deposits, and therefore doesn’t depend on the kind of hot money (i.e., "brokered" deposits) that funded IndyMac Bank. But as one commenter on the SeekingAlpha site notes, Downey’s solvency depends on whether it has enough balance-sheet capital to handle another wave of loan markdowns. The deposits may stay put, but a bank with no capital cushion is a busted bank. Whalen seems to be betti ...

Source: www.chron.com --- 10 hours ago
WASHINGTON — Troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail. ...

Source: www.moreover.com --- 11 hours ago
Reuters Aug 20 2008 6:32PM GMT ...

Source: www.injuryboard.com --- 14 minutes ago
Below are excerpts from a Los Angeles Times article explaining how troubled IndyMac borrowers are eligible to have their loans modified. According to the FDIC, the most important thing borrowers facing default must do: Answer the phone when a FDIC/IndyMac representative calls -- it could be the good news you've been waiting for, as we all know that 2008 has mostly been a bad news year for everyone involved in the mortgage industry (lenders and borrowers). The plan, aimed at about 37% of IndyMac's seriously delinquent borrowers, is the start of a modification program that eventually could involve thousands of other borrowers at the savings and loan. Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said she hoped it would become a model for the reeling mortgage industry [. . .] Many troubled borrowers aren't responding to phone calls and letters from lenders trying to discuss their loans, and Bair said she hoped publicity about the modification plan would lead some elusive customers to call the bank. "We really need the borrowers to respond," she said, to help the program "become a catalyst" for modifications industrywide. [. . .] the FDIC said it was freezing foreclosures on the almost 40,000 loans still owned by the thrift. Those loans amount to 6% of the 637,000 existing IndyMac-serviced mortgages at the end of July. The FDIC also has broad powers to change the terms of 225,000 loans that were pooled to back debt s ...

Source: www.sanluisobispo.com --- 13 hours ago
Federal regulators have worked out a plan to modify mortgage terms for troubled home borrowers holding loans from IndyMac Federal Bank, which the government seized last month after it became the largest regulated thrift to fail. The Federal Deposit Insurance Corp., which is operating the bank under a conservatorship, is announcing details of its so-called streamlined loan modification plan on Wednesday afternoon. When the FDIC took over what was called IndyMac Bank on July 11, it temporarily froze all mortgage foreclosures for IndyMac borrowers. FDIC Chairman Sheila Bair has been urging mortgage lenders and firms that service mortgages to develop comprehensive plans for modifying unaffordable loans, rather than doing so on a loan-by-loan basis. ...