This proves that we have a valid case to plead!
Please Click Here to read the story.
Please post your comments about this article directly on the comment section of the Wall Street Journal area for comments. Please mention www.indymacdepositors.com on each comment you leave on a publication's commet area. Thank you.
Lisa
Saturday, January 31, 2009
Tuesday, January 27, 2009
IndyMacDepositors.com
Please be sure to check out our full website at www.indymacdepositors.com for all of our information and resources!
Friday, January 23, 2009
Erica Bovenzi.....and husband John.....
Click here to check out this story on the alledged nepotism and fraud at the FDIC.
Contact me at indymacdepositors@gmail.com to see how you can help get your own money returned to you!
Contact me at indymacdepositors@gmail.com to see how you can help get your own money returned to you!
Friday, January 16, 2009
Government Regulators Aided IndyMac Cover-Up, Maybe Others
A brewing fraud scandal at the Treasury Department may be worse than officials originally thought.
CLICK HERE to read the story on ABC.
CLICK HERE to read the story on ABC.
Regulator in IndyMac Case Gets Reassigned
Senator Grassley questions approval of backdated cash injection at IndyMac Bank.
Click Here to read the full story....
Click Here to read the full story....
Saturday, January 10, 2009
Letter to Congress and House Financial Services Staff
Click Here to get a copy of the letter to send to Congress and the House Financial Services Staff asking for a hearing and review before Congress of the Indymac issue.
You can add your name, address and telephone, then utilize the Congressional contact list to locate your representative or CLICK HERE to find Congressman Barney Frank, and the House Financial Services staff.
You can add your name, address and telephone, then utilize the Congressional contact list to locate your representative or CLICK HERE to find Congressman Barney Frank, and the House Financial Services staff.
Contact Congress Regarding Indymac
Need to contact Congress? Click here to find fax, phone and e-contact forms. With each method of contact, you can urge your representative to re-visit the Indymac issue as a separate one.
PennyMac Led by Ex-Countrywide Head, Buys FDIC Loans
From Bloomberg
PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans (Update3)
Click here to read this article
By David Mildenberg and Linda Shen
Last Updated: January 7, 2009 12:43 EST
PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans (Update3)
Click here to read this article
By David Mildenberg and Linda Shen
Last Updated: January 7, 2009 12:43 EST
Wednesday, January 7, 2009
Know When To Hold 'Em
The FDIC sells failed IndyMac Bank too soon—and for too little. Here is a recent article which effects all of the uninsured depositors Click HERE to read. The FDIC said it could run Indymac for years if necessary. I have news for everyone, the FDIC has no interest in insuring depositors that were lied to by Indymac Bank that exceeded FDIC limits or whose beneficiaries were denied coverage. The FDIC knew what was going on and what banks were telling their customers. They choose to look the other way. They are just as at fault.
Monday, January 5, 2009
Wall Streeters Flock to Indymac-WSJ 1-5-09
Click Here to read this article. Please post your comments regarding your thoughts on why this bank is NOW a popular investment for Wall Street.
Lisa
Lisa
Is the IndyMac Deal a Little Too Sweet?
Not for us uninsured depositors!!! Please read this latest article appearing in the The Wall Street Journal this morning Click Here to read. Just another fine example on how the Federal Government and the FDIC are looking out for the interests of failed Indymac Bank uninsured depositors.
Saturday, January 3, 2009
San Gabriel Valley News Article Quotes Lisa Marshall, David Barr
Click Here to read the story.
In short, David Barr states that the depositors already saw 50% of funds returned, where the FDIC has been paid back nothing.
Question...Does ALLSTATE make sure it can take your house if it has to replace your auto?
In short, David Barr states that the depositors already saw 50% of funds returned, where the FDIC has been paid back nothing.
Question...Does ALLSTATE make sure it can take your house if it has to replace your auto?
Mother of U.S. Soldier, Lost Son, Then Lost Deposit from Insurance
Click here to read about Elaine Lopez of Whittier, who lost a deposit at Indymac.
The deposit was her son's life insurance policy payout.
The deposit was her son's life insurance policy payout.
LA TIMES article
http://www.latimes.com/news/la-fi-indymac3-2009jan03,0,5772879,full.story
THRIFTS
IndyMac Bank buyers keep tight-lipped on plan for reviving failed thrift
Private investors agree to purchase the bank for $13.9 billion and promise to make the 33-branch thrift a 'healthy banking institution' again. How they'll do so remains unclear.
By E. Scott Reckard January 3, 2009
Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again. How exactly do they plan to accomplish that? So far, no one's saying.
THRIFTS
IndyMac Bank buyers keep tight-lipped on plan for reviving failed thrift
Private investors agree to purchase the bank for $13.9 billion and promise to make the 33-branch thrift a 'healthy banking institution' again. How they'll do so remains unclear.
By E. Scott Reckard January 3, 2009
Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again. How exactly do they plan to accomplish that? So far, no one's saying.
WSJ blog
All of us should comment on this WSJ blog:
http://blogs.wsj.com/deals/2009/01/02/deal-maker-profile-new-indymac-ceo-steve-mnuchin/#comment-148623
http://blogs.wsj.com/deals/2009/01/02/deal-maker-profile-new-indymac-ceo-steve-mnuchin/#comment-148623
Friday, January 2, 2009
Good for us!
Of course, it would be great for someone in the latest indymac transaction to return all funds, but it is also GREAT that our government agencies took one more step to perpetuate what we have already seen as "systematic, legitimized fraud."
Let us just continue to document all that has happened . . Publishers and serious investigative journalists are interested in the stories of individual citizens sacrificed for a hedge fund, particuarly since Congress wil soon rule on Madoff's high ranking investors who have approached the SEC for a ruling to return all funds . . . someone at a very high level is listening to these hedge fund INVESTORS AND . . . WHADYA know . . . journalists are interested in average citizens too . . .
Let us just continue to document all that has happened . . Publishers and serious investigative journalists are interested in the stories of individual citizens sacrificed for a hedge fund, particuarly since Congress wil soon rule on Madoff's high ranking investors who have approached the SEC for a ruling to return all funds . . . someone at a very high level is listening to these hedge fund INVESTORS AND . . . WHADYA know . . . journalists are interested in average citizens too . . .
Indymac Sale Press Release...
Click Here to see the FDIC press release anouncing the sale of Indymac bank.
Embedded in this release is an attachment. Pasted below, are the first two bullet points of the attachment. Please see the second bullet.
Fact Sheet: FDIC Sale of IndyMac FSB
• The FDIC, as Conservator for IndyMac FSB (“New IndyMac”), entered into a letter
of intent to sell New IndyMac to IMB HoldCo LLC, a thrift holding company
controlled by IMB Management Holdings LP, a limited partnership, for
approximately $13.9 billion. IMB HoldCo is owned by a consortium of private equity
investors led by Steven T. Mnuchin of Dune Capital Management LP.
• Uninsured depositors will not be receiving an additional claims dividend at this time.
Looks like no refunds for depositors at this time according to this official document release.
Embedded in this release is an attachment. Pasted below, are the first two bullet points of the attachment. Please see the second bullet.
Fact Sheet: FDIC Sale of IndyMac FSB
• The FDIC, as Conservator for IndyMac FSB (“New IndyMac”), entered into a letter
of intent to sell New IndyMac to IMB HoldCo LLC, a thrift holding company
controlled by IMB Management Holdings LP, a limited partnership, for
approximately $13.9 billion. IMB HoldCo is owned by a consortium of private equity
investors led by Steven T. Mnuchin of Dune Capital Management LP.
• Uninsured depositors will not be receiving an additional claims dividend at this time.
Looks like no refunds for depositors at this time according to this official document release.
Comments by John Flory...
Two inherent absurdities flaw the FDIC system. I've always found it absurd that innocent depostitors were led to put more than $100,000 in a bank under the "promises" of FDIC insurance. The banks and depositors were encouraged to look the other way and discount the known flaws in this insurance system.
1. In general the insurance is only tentative:
it is not confirmed to be good coverage until after the bank fails.
Would you settle for a year of home fire insurance from an agent who says that if the house burns down during hte year, maybe you have converage for the whole $300,000 value, or maybe you have coverage for only the first $100,000, we will only find out after the house burns down?
That's how FDIC insurance is provided to depositors.
There is an obvious solution. Under the current inadequate system,
depositors are told by the FDIC to check on line to verify what the FDIC coverage is. Of course that "verification"
is comnpletely non-binding on the FDIC.
Instead, the FDIC should authorize a qualified bank rep to check this when an account is opened it is made and to provide a binding determination of insurance for the account, or to indicate that the funds should be deposited eleswhere. If the website works for the ignorant depositor, then a bank manager should be capable of conclusively figuring it out, and the FDIC insurance should be binding for a clearly specified time period.
(Of course implicit in this is the fact that FDIC coverage needs to be
simplified so that the FDIC can be confident that a trained bank manager can make a proper determination.)
2. Even if your FDIC coverage is good when you make the deposit, the insurance can be lost (that is reduced significantly) by events occurring after the coverage starts).
If you have FDIC coverage based on trusts, beneficiaries and/or joint owners, the death of an individual can cut coverage by 50% or more.
Would we accept fire insurance that gets cut in half just because one of the named residents had the bad form to up and die at the wrong time?
Insurance offered for a term CD should be deternined and considered good for the term of the CD plus a grace period necessary to withdraw or renew, regardless of who dies during that time.
Or sell a term life insurance policy with the CD to pay the lost FDIC coverage. Depositors should not be playing a negative lottery hoping there is no death.
1. In general the insurance is only tentative:
it is not confirmed to be good coverage until after the bank fails.
Would you settle for a year of home fire insurance from an agent who says that if the house burns down during hte year, maybe you have converage for the whole $300,000 value, or maybe you have coverage for only the first $100,000, we will only find out after the house burns down?
That's how FDIC insurance is provided to depositors.
There is an obvious solution. Under the current inadequate system,
depositors are told by the FDIC to check on line to verify what the FDIC coverage is. Of course that "verification"
is comnpletely non-binding on the FDIC.
Instead, the FDIC should authorize a qualified bank rep to check this when an account is opened it is made and to provide a binding determination of insurance for the account, or to indicate that the funds should be deposited eleswhere. If the website works for the ignorant depositor, then a bank manager should be capable of conclusively figuring it out, and the FDIC insurance should be binding for a clearly specified time period.
(Of course implicit in this is the fact that FDIC coverage needs to be
simplified so that the FDIC can be confident that a trained bank manager can make a proper determination.)
2. Even if your FDIC coverage is good when you make the deposit, the insurance can be lost (that is reduced significantly) by events occurring after the coverage starts).
If you have FDIC coverage based on trusts, beneficiaries and/or joint owners, the death of an individual can cut coverage by 50% or more.
Would we accept fire insurance that gets cut in half just because one of the named residents had the bad form to up and die at the wrong time?
Insurance offered for a term CD should be deternined and considered good for the term of the CD plus a grace period necessary to withdraw or renew, regardless of who dies during that time.
Or sell a term life insurance policy with the CD to pay the lost FDIC coverage. Depositors should not be playing a negative lottery hoping there is no death.
Thursday, January 1, 2009
Press Release
News release: Company Information:www.indymacdepositors.com
Indymac Depositors Sacrificed for Hedgefund Manager’s Profits?
Indymac Depositors Sacrificed for Hedgefund Manager’s Profits?
Summary: Insurance limits have been raised, the OTS has disclosed errors in booking capital, the FDIC has refused to make its communications practices more transparent, and hedge fund manager and potential IndyMac acquirer John Paulson has recommended increased liquidity for the full return of capital to hedge fund investors 10,000 IndyMac depositors have approached Paulson to be heard.
Emeryville, CA, December 31, 2008 – 12 noon EST
After many months of fruitless lobbying the FDIC and learning of the Treasury investigation of OTS regulator Darell Dochow’s decision to allow IndyMac to backdate an infusion of capital from May to March 2008 to keep the bank off the watchlist, IndyMac depositors who lost 50% of their uninsured funds are putting their situation before one of IndyMac’s potential buyers, hedge fund manager John Paulson, to ensure the sale of the bank pays attention to their situation.
“When John Paulson, whose $13-billion Paulson Advantage Plus fund has risen some 38 percent through Dec. 19, testifies before Congress on the wisdom of the $700 bailout and states clearly in his 2009 outlook that hedge fund managers should raise enough liquidity to cover all the redemption requirements of their investors, we want to be heard,” says Fran Quittel, technology recruiter and business journalist, who has lobbied the FDIC for months now regarding changes to make their communications practices more transparent and depositor friendly. “We’ve been in touch with Paulson’s spokesperson Armel Leslie and are awaiting his reply to see if we can also be made whole in this transaction and if not, why not, particularly since we were cash depositors and not shareholders, investors or traders of any sort.”
In fact, Quittel is only one of several IndyMac depositors who have sprung into action to protest the handling of the bank’s takeover and current sale. “That we have received no attention from the FDIC since this started, and this sale is being done in the week between Christmas and New Year’s is yet another example of how the entire matter has been handled,” says Lisa Marshall, creator of http://www.indymacdepositors.com/, a site where uninsured depositors who have lost funds are flocking to post their stories. The sale, if and when it happens, will ensure that the FDIC – but not the 10,000 uninsured depositors – are repaid first for any funds expended in the takeover.
On July 11, the Office of Thrift Supervision (OTS) closed IndyMac Bank and appointed the Federal Deposit Insurance Commission (FDIC) receiver. Depositors who held one or more accounts totaling more than $100,000 per depositor had funds in excess of the limit reduced by 50%. In October of 2008, FDIC insurance limits were raised to $250,000 per depositor per institution until December 31, 2009, with additional protections provided non-interest bearing business payroll accounts, some of which had also been reduced by 50% in the IndyMac failure. On December 22, 2008, Eric Thorson, Inspector General of the US Treasury, reported to Senator Charles Grassley, the ranking Republican member of the Senate Committee on Finance, that OTS regulator Darrell Duchow had allowed IndyMac to backdate an $18 million infusion of capital. News of the pending sale of IndyMac bank was tentatively announced on Christmas Eve. Congress is planning hearings on IndyMac beginning January 7, 2009. IndyMac's group of uninsured depositors is asking to be included in those hearings.
Information on IndymacDepositors.com (http://www.indymacdepositors.com/), communications to Congress and the many efforts expended to improve FDIC communications to depositors can be obtained through:
CONTACT: Lisa Marshall - 310-344-4098, indymacdepositors@gmail.com creator/http://www.indymacdepositors.com/ Hamir Bhatia - 714-269-0252, acsvision@hotmail.com Fran Quittel - 626-864-1400/cell, francq@aol.com, http://www.fdicbusinessalert.com/
Uninsured depositors can join the effort by going to http://www.indymacdepositors.com/. Members of Congress responsible for banking and finance include: . Representative Barney Frank . Senator Christopher Dodd . Senator Chuck Schumer . Senator Charles Grassley California senators contacted by IndyMac depositors are Dianne Feinstein and Barbara Boxer. Contacted representatives include Barbara Lee, Jane Harman, Henry Waxman, and Adam Schiff.
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