IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

the management — Tue, 08 Jul 2008 11:00:00 GMT

Indymac is the king of the hill. Pioneered level price adjusters for the non traditional, fixed rates - 30 years - safe alternative lending, the original product to combat against recent subprime, todays it's in fnma' du. big loss year, probably the biggest yet. in the name of the real king, adios ladys and gentlemen till we meet again, may god bless, Elvis has left the building, thank you and good night.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

tom — Tue, 08 Jul 2008 11:00:00 GMT

I am a Realtor in Florida. My client tried to short sale a home that had indymac paper. It took 6 months of dancing on their part only to tell us the offer was not acceptable. Lies, lies and more lies. When the company started it was ok. It had good intentions. "The road to hell is paved with good intentions". bon voyage.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Maurice — Tue, 08 Jul 2008 11:00:00 GMT

Where and when will it all end ! This is so sad. I trust those on the national scene who are in positions of influence - those in the congressional arena - will act quickly to remedy this mortgage / real estate crisis quickly. Perhaps we need to see how many loans have interest rates scheduled to reset in following next 12 months and use this calculation as a baseline to project how far out this problem of bad loans extends into the future. But - we will have yet to balance it all with the energy / fuel / employment issues as well. But - again there goes the "but" we have to identify a starting point to stop the bleeding. I vote to start by freezing the interest rates on all 80/20 loan products, allow homeowners to keep and stay in their homes by keeping mortgage loan payments at their present levels. We can then stop adding to the homeless rolls, the rental subsidies, the food stamps, the crime wave, etc. and move forward by focusing on incentives to address other issues in crisis, namely fuel, energy, employment, to name a few. In other words, we need to redirect the sacrifices we are already making. Do I get a vote from anyone? Is anyone listening?

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Angel Burgueno — Tue, 08 Jul 2008 11:00:00 GMT

Indymac was never a good institution, more than once they end up having trouble. Hope this time they will be gone for ever

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Anonymous — Tue, 08 Jul 2008 11:00:00 GMT

IM not surprised, I put an offer on a Indy Mac bank owned home over three months ago and have heard nothing back. They never return calls or emails and my realtor has has it with them.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

the management — Tue, 08 Jul 2008 11:00:00 GMT

following up here with the comments from the new kids on the block. Indymac's platform, emits - was genious and very smooth. the ability to prepare your own closing docs was cutting edge. as far as getting approved and closed, let me say this, saved the day, Indymac had the number one broker platform.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Joe — Tue, 08 Jul 2008 11:00:00 GMT

I think, based on our experience, that Indymac was destined to fail. We're a relatively small, but quality Mortgage Broker company. Out fallout is less than 5% (for all reasons... program changes, etc.). When we first signed up with Indymac (against the recommendations of other Brokers in our market area) we sere surprised to learn that Indymac charged a $400 fee to apply. We applied and paid the fee. It took OVER SIX MONTHS and multiple resubmissions (they kept losing our application) to finally get an approval. They did refund the $400. We closed about three loans with them. Two of the three loans were absolutely exasperating experiences. The service was the worst we've ever experienced (even worse than Countrywide!). Needles to say, we only used Indymac when there was no other option. Then, several months ago, we needed to send a loan to Indymac. They'd suspended our relationship because we hadn't funded enough loans with them. Very understandable. We were told we could reapply (with another application fee) but that we'd have to fund a minimum number of loans per month. I explained that we most likely wouldn't send them the minimum number required, but that everyone we sent WOULD fund. Quality didn't matter. It was volume. And, with such incredibly bad service, they remained the only wholesale lender to charge a fee to apply. I told the account executive I wished him luck, but that he'd better be looking for another job because with that approach to business, they weren't going to last much longer. I wish I could predict tomorrow's pricing as well as I could predict the failure of Indymac.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Anonymous — Tue, 08 Jul 2008 11:00:00 GMT

So what happens to those who currently have loans o/s w/indymac and are behind in their mortgage and equity lines of credit?

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Anonymous — Tue, 08 Jul 2008 11:00:00 GMT

Hey, Good Bey Indymac ... when's the Fed's going to look into with GMAC ResCap .. opps, private corporations play by different rules

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

VINH TRUONG — Tue, 08 Jul 2008 11:00:00 GMT

I have a construction loan with them, they stop funding the rest of the draws my house is on stand still, what can should I do? let it go to foreclosure of pay the 100k to finish the house?

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Vicki — Tue, 08 Jul 2008 11:00:00 GMT

Interesting - the CEO feels some measure of empathy, read to the end. Pretty sure the cwide CEO didn't give up anything.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Mike — Tue, 08 Jul 2008 11:00:00 GMT

I was an AE for Indymac last year for a short time, only two months. Within the first week of being hired I recongnized I had made a mistake and decided to make a plan to move on as soon as possible. The issue was the complicated way in which loans were processed. What you had to put brokers through to get a loan done was so unbelievably frustrating for them that it got to the point it just wasn't worth it. I talked many brokers (who had IM before and had issues) into trying once again...all I did was drag them through the mud once again. Their systems were overly complicated and had they changed their processing model and tightened guidelines they could have made it in my opinion. Simply put...brokers didn't like to use IM and only would if they couldn't find the product elsewhere. This is too bad....lots of good friends have lost their jobs...sad to see.

RE:IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

Bob in the Mtg Industry — Tue, 08 Jul 2008 11:00:00 GMT

Indy Mac was a good bank, did lots of good loans and had good products. Sorry to see them go. The one who should really fold up their tent (s) is Countrywide. They have to be the worst mortgage bank in the country. Their LO's and Managers outright lie to borrowers, bring them to the table to close and all of a sudden it's a new deal. They are famous for that act. They are in lawsuits in I don't know how many states for Predatory Lending, and I'm sure there will be many more states that join in. They are even far worse that Ameriquest was and we all know what happened to Ameriquest. The CEO should be put in Jail, not just put out of business. But like all the others with "deep pockets and connections" he'll walk away with Millions and Millions. Can't understand what B of A is doing. They can't possibly bail out Countrwide unless they are prepared to spend hundreds of millions correcting all the wrongs. But then again B of A will borrow that money from the FED and who pays for it? People who pay taxes, the little people, very sad state of affairs. They should start putting people in jail and not just slapping them on the wrist.