Hello -
My name is Elizabeth and I am so glad that I have found people that I can address issues with and potentially discuss alternatives to assist with our situations. Here's my story:
I had just sold a ton of company options and lost over $168K in the bank foreclosure that has not been reimbursed to date. I sold my company options is hopes of diversifying my portfolio and put the money into my money market account at Indy Mac until I could find some other investments (it was only in my account for two months). I had over $450K in my bank account and then they bank filed bankruptcy. I got a portion back - but the $168K is still in question.
It is beyond me that the FDIC can take your money over night and then never communicate the status of what is going on. I have contacted the FDIC multiple times with no success. I called them repeatedly for two weeks straight - every day leaving a message and no one would call me back. I finally received a call back - but there only response was that they had no information and that I would have to wait. I asked how long and they said that they have no idea.
I can't believe that the government operates this way. I am very concerned with what the government is doing now with all the bailout money which the public once again will have to fund.
I have already been hit so hard with this financial challenge. I saved my whole life for this and now it has been taken from me in 24 hours. I sacrificed through my life and never spent money beyond my means. But due to others' over zealous spending patterns, I am feeling the pain. This is teaching me not to save and to spend everything I can and then the government will take the money from others to pay for my mistakes... is that what our society really wants to teach people?
On a side note ... I have also been trying to determine from a tax perspective - how this "loss" will be handled. Due to the fact that I sold company options - I am being taxed at my ordinary income tax rate which is 35% for the money and now I don't even have the money. Per the IRS publications - I will only be able to write off up to $20K against ordinary income (subject to some other limitations) or write the loss off against capital gains - which I have none since the stock market has taken a turn for the worse. \
Any information that you can provide on this Indy Mac situation is GREATLY appreciated since the government gives "NONE". Please let me know if I can be of any assistance.
Best regards -
Elizabeth Pelzl
832-771-1947
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TARP stands for Troubled Asset Relief Program. The purpose for TARP was so the government could purchase the "toxic" assets/mortgages from the banks balance sheet to make the banks financially stronger. I do believe that Indymac has an abudance of these "toxic" mortgages on their balance sheet. If the government would use these TARP for their intended pupose it would definately increase the potential sale value of Indymac and make Indymac much more attractive to a potential purchaser. This would allow the FDIC to return money to uninsured depositors. Because the FDIC is using Indymac Bank as a sacraficial lamb for the purpose of loan modifications they should just pay us back our money. If this loan modification program proves unsuccessful it will further deteriorate the potential value of Indymac for a future sale.
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