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Author Topic: Indymac  (Read 6551 times)
knowitall
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« Reply #50 on: July 14, 2008, 03:43:34 AM »

The Republiclans have deregulated every industry that was vital to the economic and financial stability of this once great country.

Now all we can do is watch in shame as industries who claimed they could police themselves beg for a government bailout!

The very government who's oversight they despise!

Less Government. Less taxes. Less economy killing regulation.

If you tear down your safety net, who is going to save you from falling to your death?

What's next?  A federally unfunded mandate called the No Bank Left Behind Act?
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knowitall
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« Reply #51 on: July 14, 2008, 03:49:51 AM »


Knowitall wins Round One and gets the proverbial prize.

Congrats to Knowitall.

Now onto Round Two ... This gets a little harder ... Who is Countrywide connected to?

Two hints:
1) Its more then one person
2) Its not directly Schumer.

This is where I can't connect the dots.

I knew the first part form reading about Countrywide but I can't remember their CEO's name who sold some of his own stock in Countrywide just before their sub prime problems became public.

I can see his face but can't recall his name.  I need sleep, I'll try again tomorrow.

Everyone is off this week so we stayed up playing monopoly.   
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Buffaloboy
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« Reply #52 on: July 14, 2008, 05:18:05 AM »

This is where I can't connect the dots.

I knew the first part form reading about Countrywide but I can't remember their CEO's name who sold some of his own stock in Countrywide just before their sub prime problems became public.

I can see his face but can't recall his name.  I need sleep, I'll try again tomorrow.

Everyone is off this week so we stayed up playing monopoly.   


Yes, Indymac is connected to Countrywide.

However, Countrywide's CEO and Officers are not the next connection.

Its business transactions and to whom.
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Moon
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« Reply #53 on: July 14, 2008, 08:42:52 AM »


Yes, Indymac is connected to Countrywide.

However, Countrywide's CEO and Officers are not the next connection.

Its business transactions and to whom.

Oh, great seer and wise man, why don't you just tell us what your great conspiracy is?

/I don't know. I can't get him to just tell us any other way, maybe if I call him nice names.

What's all the frickin' mystery?? If you've got something, spit it out, so the rest of us can see it and be disgusted. It had better be good, because you've kept us in suspense for TWO DAYS now.

At this point, it had better have a murder involved or actual UFOs.
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dt2
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« Reply #54 on: July 14, 2008, 09:17:43 AM »

Moon,

Indymac has very little to do with the subprime debacle and only 4.4 percent of their total $156 billion portfolio is classified as subprime.

Also, I would like you to know that Rush Limbaugh thanks you from the bottom of his heart, for the constant mentioning of his name. It is because you and the rest of the liberal loons who constantly flock to his radio station, that he was able to sign an 8 year $400,000,000 contract (count them zero's Moon)!


Indymac was the king of stated income stated asset pay option mortgages. That is why they are cooked. For you to say they had very little to do with the subprime market is not correct.

They consistently originated loans to people who could BARELY AFFORD THEM and defiantly could not  afford them once the the pay option recast itself.

IMO, Total scumbag lender.
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shuffledagain
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« Reply #55 on: July 14, 2008, 10:10:08 AM »

No dog in this hunt.  Just a fact sheet link.

http://extras.mnginteractive.com/live/media/site205/2008/0711/20080711_051719_73001.pdf

Please don't respond specifically to me, as I don't give a shit as to what anyone else has to say.
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Mel from Moline
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« Reply #56 on: July 14, 2008, 11:10:38 AM »

The Republiclans have deregulated every industry that was vital to the economic and financial stability of this once great country.

  A federally unfunded mandate called the No Bank Left Behind Act?
That right there is some funny stuff. You also make a great point of how Republicans&Libertarians  always want less Govt intrusion in everything yet they EXPECT to be bailed out when their ridiculous strategies fail. Know it all, this is the absolute gold standard post on this topic. thumbs up beer
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mel4600
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« Reply #57 on: July 14, 2008, 12:06:09 PM »


Indymac was the king of stated income stated asset pay option mortgages. That is why they are cooked. For you to say they had very little to do with the subprime market is not correct.

They consistently originated loans to people who could BARELY AFFORD THEM and defiantly could not  afford them once the the pay option recast itself.

IMO, Total scumbag lender.

You can call them what you want, however, to say they were responsible for the subprime debacle is totally false. Do even know what their portfolio break down is? Also they were not the "king" of stated income stated asset pay option arms. World Mortgage was the king (percentage wise) of this product (which is not sub prime) and you can check their track record as far back as you want and see nothing but success until they were sold (at a record price) to Wachovia. Washington Mutual was second (percentage wise) in line for marketing this product which historically was the backbone of their business.

These products do not just recast once, they usually have a 5 year minimum payment amount that goes up gradually and had a cap of 9.95%. There is no dramatic payment shock and I would venture to say that is someone defaulted on these loans they would have defaulted on any price. At no time in this mortgage crisis has the fully indexed rate remotely approached 9.95%.
« Last Edit: July 14, 2008, 12:33:46 PM by mel4600 » Report to moderator   Logged
dt2
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« Reply #58 on: July 14, 2008, 02:30:20 PM »

You can call them what you want, however, to say they were responsible for the subprime debacle is totally false. Do even know what their portfolio break down is? Also they were not the "king" of stated income stated asset pay option arms. World Mortgage was the king (percentage wise) of this product (which is not sub prime) and you can check their track record as far back as you want and see nothing but success until they were sold (at a record price) to Wachovia. Washington Mutual was second (percentage wise) in line for marketing this product which historically was the backbone of their business.

These products do not just recast once, they usually have a 5 year minimum payment amount that goes up gradually and had a cap of 9.95%. There is no dramatic payment shock and I would venture to say that is someone defaulted on these loans they would have defaulted on any price. At no time in this mortgage crisis has the fully indexed rate remotely approached 9.95%.


Really?? Thanks for the breakdown.


Ive been a mortgage broker for about ten years. Twice a week they were in the office here, only two products were ever being pushed. no income no asset and stated income stated asset. Whether pay options or 2yr arms with three year pre pays. There  thirty year fixed product was priced not to sell.

I'm not saying nor did I say they were responsible for the mortgage crisis. What I was trying to say was very simply, they did it to themselves.

Granted, there is no lender completely safe in this business. But this particular lender was just like countrywide, overly greedy and careless.

Personally, I'm glad to see this lender gone. 

 
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mel4600
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« Reply #59 on: July 14, 2008, 05:08:49 PM »


Really?? Thanks for the breakdown.

Ive been a mortgage broker for about ten years. Twice a week they were in the office here, only two products were ever being pushed. no income no asset and stated income stated asset. Whether pay options or 2yr arms with three year pre pays. There  thirty year fixed product was priced not to sell.

I'm not saying nor did I say they were responsible for the mortgage crisis. What I was trying to say was very simply, they did it to themselves.

Granted, there is no lender completely safe in this business. But this particular lender was just like countrywide, overly greedy and careless.

Personally, I'm glad to see this lender gone. 


Here is what you said:


Indymac was the king of stated income stated asset pay option mortgages. That is why they are cooked. For you to say they had very little to do with the subprime market is not correct.

They consistently originated loans to people who could BARELY AFFORD THEM and defiantly could not afford them once the the pay option recast itself.

IMO, Total scumbag lender.

Wow, you have been a mortgage broker for 10 years and you don't know product terminology? Your entire statement is false. If you want to compare resumes I'll be glad to. What part of my comments were not accurate? What percentage of their portfolio is sub prime? Who originated the loans from your office for Indymac, you or them? What are you originating now?
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Dolfan
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« Reply #60 on: July 14, 2008, 05:31:49 PM »

Wow, you have been a mortgage broker for 10 years and you don't know product terminology? Your entire statement is false. If you want to compare resumes I'll be glad to. What part of my comments were not accurate? What percentage of their portfolio is sub prime? Who originated the loans from your office for Indymac, you or them? What are you originating now?

You know Mel, I've been out of the mortgage business for quite some time (12 years) and back then World Savings was by far THE place to go to for stated income loans.  In fact, the rep used to get pissed off because that's all we would send them.  Had to "warn" the clients that the loan could go negative amortization yet I never knew anyone who couldn't afford the payments.

Indymac had little or no business in S. Florida.  None of "those" guys were competitive with the Standard Federal's of the world.
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mel4600
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« Reply #61 on: July 14, 2008, 05:39:58 PM »

You know Mel, I've been out of the mortgage business for quite some time (12 years) and back then World Savings was by far THE place to go to for stated income loans.  In fact, the rep used to get pissed off because that's all we would send them.  Had to "warn" the clients that the loan could go negative amortization yet I never knew anyone who couldn't afford the payments.

Indymac had little or no business in S. Florida.  None of "those" guys were competitive with the Standard Federal's of the world.

You are right on the money again!  thumbs up
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Buffaloboy
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« Reply #62 on: July 15, 2008, 01:10:54 AM »

This is where I can't connect the dots.

I knew the first part form reading about Countrywide but I can't remember their CEO's name who sold some of his own stock in Countrywide just before their sub prime problems became public.

I can see his face but can't recall his name.  I need sleep, I'll try again tomorrow.

Everyone is off this week so we stayed up playing monopoly.   


Nope.

The issue is not who ran Countrywide but discount loans to specificly three people.
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When will Barn To Wire finally do the right thing and ban Clockerterry & Edwarren for their continued lies, anti-American & anti-semetic statements and their general disrutpive stupidity? 

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Buffaloboy
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« Reply #63 on: July 15, 2008, 01:19:24 AM »

Oh, great seer and wise man, why don't you just tell us what your great conspiracy is?

/I don't know. I can't get him to just tell us any other way, maybe if I call him nice names.

What's all the frickin' mystery?? If you've got something, spit it out, so the rest of us can see it and be disgusted. It had better be good, because you've kept us in suspense for TWO DAYS now.

At this point, it had better have a murder involved or actual UFOs.


Moon,

Because if I just tell you, it isnt fun. Its amazing how now that papers and some media are making note of Chuck Schumer's letter to kill Indymac, that nobody has asked the obvious question of, What has Schumer to gain?

The issue of Indymac and therefore Countrywide is the loans. It doesnt mean failed loans.
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When will Barn To Wire finally do the right thing and ban Clockerterry & Edwarren for their continued lies, anti-American & anti-semetic statements and their general disrutpive stupidity? 

“The answer to a government that’s too big is to stop feeding its growth.” - President Ronald W. Reagan
knowitall
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« Reply #64 on: July 15, 2008, 02:30:11 AM »


Nope.

The issue is not who ran Countrywide but discount loans to specificly three people.

Well it seems the obvious question should be is Schumer one of the three or is he benefitting from the discounted loans?

Either way, no bank can withstand a run on them by all of their depositors.

Indymac was in deep dodo or they wouldn't have failed so quickly.  Schumer is not the direct cause of Federal Regulators stepping in.  Using Schumer as a scape goat is more Republiclan smoke and mirror excuses for failed leadership and rabid deregulation. 
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Buffaloboy
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« Reply #65 on: July 15, 2008, 05:08:52 AM »

Well it seems the obvious question should be is Schumer one of the three or is he benefitting from the discounted loans?

Either way, no bank can withstand a run on them by all of their depositors.

Indymac was in deep dodo or they wouldn't have failed so quickly.  Schumer is not the direct cause of Federal Regulators stepping in.  Using Schumer as a scape goat is more Republiclan smoke and mirror excuses for failed leadership and rabid deregulation. 

As best it is known, Charles Schumer did not get any sweetheart loans from Indymac/Countrywide. One member of the Banking Committee did. Two others indirectly connected to that person did as well.

These were just cheap discount loans

I personally am not looking to debate what deregulation may or may not have done. For the purposes of this conversation, it does not matter.

Schumer's letter, in of itself, is not illegal. I have not said it was. Personally, I believe it should lead to Schumer's removal from the Banking Committee but again, thats a debate for another date.

If Schumer were not in a position to gain from his letter and attempt to protect others to get that gain, then his letter is just terrible judgment.
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Moon
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« Reply #66 on: July 15, 2008, 08:42:41 AM »

As best it is known, Charles Schumer did not get any sweetheart loans from Indymac/Countrywide. One member of the Banking Committee did. Two others indirectly connected to that person did as well.

These were just cheap discount loans

I personally am not looking to debate what deregulation may or may not have done. For the purposes of this conversation, it does not matter.

Schumer's letter, in of itself, is not illegal. I have not said it was. Personally, I believe it should lead to Schumer's removal from the Banking Committee but again, thats a debate for another date.

If Schumer were not in a position to gain from his letter and attempt to protect others to get that gain, then his letter is just terrible judgment.

Innuendo. How about some facts?

This is how Limbaugh does it. You must be a student of his. He keeps the innuendo going for weeks and then, by the time he gets to the actual facts, which are usually a bunch of BS, he's already got the Conservative Cretins so worked up that they don't even care about facts anymore.
« Last Edit: July 15, 2008, 10:09:57 AM by Moon » Report to moderator   Logged
Round Table
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« Reply #67 on: July 15, 2008, 09:08:58 AM »

correct

blah blah blah blah blah

its called fiddlin

fiddlin while it burns.

some *** patriot

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They ought to return to Tampa and fix the mistake they made.
mel4600
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« Reply #68 on: July 15, 2008, 09:35:37 AM »

correct

blah blah blah blah blah

its called fiddlin

fiddlin while it burns.

some *** patriot


Definition of a liberal loon? Read above.  Wink
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Round Table
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« Reply #69 on: July 15, 2008, 09:58:27 AM »

Innuendo. How about some facts?

This is Limbaugh does it. You must a student of his. He keeps the innuendo going for weeks and then, by the time he gets to the actual facts, which are usually a bunch of BS, he's already got the Conservative Cretins so worked up that they don't even care about facts anymore.


correct

blah blah blah blah blah

its called fiddlin

fiddlin while it burns.


« Last Edit: July 15, 2008, 10:44:26 AM by 7474505B » Report to moderator   Logged

They ought to return to Tampa and fix the mistake they made.
Mel from Moline
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« Reply #70 on: July 15, 2008, 01:06:50 PM »

74 74 505B.....I recognize that number. It's the prisoner number of a none felon.......Joliet Jake Blues.....great poster name.....
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Buffaloboy
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« Reply #71 on: July 16, 2008, 07:57:03 PM »

Well it seems the obvious question should be is Schumer one of the three or is he benefitting from the discounted loans?

Either way, no bank can withstand a run on them by all of their depositors.

Indymac was in deep dodo or they wouldn't have failed so quickly.  Schumer is not the direct cause of Federal Regulators stepping in.  Using Schumer as a scape goat is more Republiclan smoke and mirror excuses for failed leadership and rabid deregulation. 


Knowitall,

Here comes the FBI getting involved. I wonder how soon they ask to speak to Chris Dodd.
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When will Barn To Wire finally do the right thing and ban Clockerterry & Edwarren for their continued lies, anti-American & anti-semetic statements and their general disrutpive stupidity? 

“The answer to a government that’s too big is to stop feeding its growth.” - President Ronald W. Reagan
edwarren
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« Reply #72 on: July 16, 2008, 08:12:24 PM »

Gee, I wonder.  Wink
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Moon
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« Reply #73 on: July 16, 2008, 09:42:26 PM »


Knowitall,

Here comes the FBI getting involved. I wonder how soon they ask to speak to Chris Dodd.

The bureau said on Wednesday it had raised to 21 from 19 the number of corporate targets in its investigation of the mortgage industry.

http://www.portfolio.com/news-markets/national-news/reuters/2008/07/16/fbi-probing-indymac-for-possible-fraud-authorities

Nothing mentioned about Chris Dodd. CORPORATE targets.

/Just more innuendo from Boy.
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Moon
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« Reply #74 on: July 16, 2008, 09:43:28 PM »

Still waiting for the link between Schumer and wrongdoing in the Indymac case. Any chance we'll see that this year? Or ever?
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