Greetings to all!
On July 13, 2009, we as Indymac depositors marked the anniversary of being robbed right out of our bank accounts by demonstrating our frustration, anger (your word here)in front of the FDIC Western Headquarters at 40 Pacifica in Irvine, CA.
We still have no answers, but that we are supposed to be grateful to the FDIC for graciously giving us 50% of our deposits back, while mortgage holders get their loans restructured & GM gets bailed out of bankruptcy.
Since Congress passed the Stimulus package, which has not stimulated anything, except anger among those paying for it we have seen a further decline in consumer confidence, employment and the overall business climate is still very chilly. In this Stimulus package,a increased insurance amount of $250,000 passed 10 weeks after the FDIC took over Indymac. The increase was double and a half the old protection! Now it has been made permanent (You may search H.R. 786 for more on this). Built into this package is increases for inflation and a decrease in cost to the government over the next 10 years, to eventually show a surplus.
The FDIC shall be held accountable for not funding their insurance. We will continue to pursue this until we prevail, either by legislation, or in the court system. The FDIC is using our money to pay its attorneys to defend its position against us. What an ironic situation.
The FDIC can just enter a bank, own the accounts & give you what the erroneous bank records shows it should owe you, even if the bank made horrific mistakes in record keeping, and giving advice on structuring accounts for insurance protection.
I guess William Black's book entitled "The Best Way To Rob a Bank Is To Own One" kind of summarizes how I feel about the FDIC, for taking over a bank not on the wtch list, fire selling it & retaining some of the assets for itself.
Showing posts with label FDIC. Show all posts
Showing posts with label FDIC. Show all posts
Tuesday, July 14, 2009
Thursday, July 9, 2009
52 pick up?
Year to date 2009, the FDIC has closed 52 banks. Smell fishy to you? How many of these underfunded critters are out there? Could my new bank be next?
Just follow the money trail....
Just follow the money trail....
Saturday, January 10, 2009
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
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?
Friday, January 2, 2009
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.
Tuesday, December 30, 2008
Marc's Story... another productive person's savings gone
Hi Lisa,
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
Thank you,
Marc
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
Thank you,
Marc
FDIC Organization Directory and Office Contacts
I was appalled this morning when I went to the FDIC official website http://www.fdic.gov/about/contact/directory/index.html to contact the Division of Resolutions & Receiverships only to find that all the phone numbers for the contacts from their Headquarters have conveniently been deleted from the FDIC websight. Shame on the FDIC. They have obviously confused the concept of trying to be more "transparent" with that of being more "invisable". Clearly they are trying to avoid our phone calls so they do not have to deal with the depositors from Indymac. Lucky for them I saved the original list with the phone numbers from when Indymac first failed because I suspected that the FDIC might try and do something like that. I will contact Lisa to see if she can post the list I have so we can contact FDIC officials with our concerns, comments and questions. Your comments are greatly appreciated. Thank you.
Monday, December 29, 2008
June's story
As I read through all the posts on indymacdepositors.com I realize that my story resembles so many others. An Indymac Bank representative told me that my savings were safe, I believed him and ended up loosing part of my hard earned life savings.
On September 12, 2007, I opened a single checking account at Indymac Bank with my daughter as a beneficiary. I always knew that the FDIC would insure up to $100,000 so I was careful to stay at that amount. A couple of months later when the rates were falling I called the bank with the intent of closing my account. The Indymac rep told me they had new higher CD rates and that I should transfer my savings and could even increase the balance. Knowing about the $100,000 insurance limit I asked how it could be safe. He told me that if I put another name on the CD it would be insured for up to $200,000. I gave him my daughter’s information and a few days later on November 06, 2007, I sent an additional $50,000 to Indymac and the account was changed to a CD with a new number. I felt secure and was ready to forget about the money until I retired in a couple of years.
It wasn’t until I got a letter dated July 15, 2008 from the FDIC that I woke up. The FDIC sent me a Receiver’s Certificate in the amount of $55,621.00 for my account that had been set up with two names. The rep put my daughter on the account “In Trust For” along with a fictitious middle initial (she has none). I found out in the next few days that the account was only insured for $100,000. I was in complete shock. I reread the letter and it still made no sense. How could this happen when I had the guidance of one of the banks own representatives. I called the bank and was told that the first available FDIC agent couldn’t speak to me for two weeks. I sprung into panic mode and called everyone I could think: consumer groups, an email to Niki Tsongas- my Congresswoman, a MA lawyer, and the Attorney General’s office. On August 10, 2008, my appointment with the FDIC agent arrived and I was told there were many stories from customers that received the wrong information from Indymac. If the bank rep had set it up as a joint account it would have been insured. It was suggested I call the Ombudsman office. Two days later I was told by a person in that office that even though the bank may have given people the wrong information, Indymac no longer existed, therefore there was no one to answer my complaint.
Working in a public school I teach responsibility and values for an honest life everyday to my students. I voted for hope in the last election and now I watch, with all my fellow Americans, the billions given to bailout big companies and banks that took huge risks and were far from honest in their dealings. I am trying to be hopeful that there is one leader out there that can stand up for all of us that were misled and lied to by Indymac Bank. The FDIC insurance increase should be retroactive to cover all the victims of the Indymac failure. In the context of all the current bailouts it’s simply the right thing to do.
On September 12, 2007, I opened a single checking account at Indymac Bank with my daughter as a beneficiary. I always knew that the FDIC would insure up to $100,000 so I was careful to stay at that amount. A couple of months later when the rates were falling I called the bank with the intent of closing my account. The Indymac rep told me they had new higher CD rates and that I should transfer my savings and could even increase the balance. Knowing about the $100,000 insurance limit I asked how it could be safe. He told me that if I put another name on the CD it would be insured for up to $200,000. I gave him my daughter’s information and a few days later on November 06, 2007, I sent an additional $50,000 to Indymac and the account was changed to a CD with a new number. I felt secure and was ready to forget about the money until I retired in a couple of years.
It wasn’t until I got a letter dated July 15, 2008 from the FDIC that I woke up. The FDIC sent me a Receiver’s Certificate in the amount of $55,621.00 for my account that had been set up with two names. The rep put my daughter on the account “In Trust For” along with a fictitious middle initial (she has none). I found out in the next few days that the account was only insured for $100,000. I was in complete shock. I reread the letter and it still made no sense. How could this happen when I had the guidance of one of the banks own representatives. I called the bank and was told that the first available FDIC agent couldn’t speak to me for two weeks. I sprung into panic mode and called everyone I could think: consumer groups, an email to Niki Tsongas- my Congresswoman, a MA lawyer, and the Attorney General’s office. On August 10, 2008, my appointment with the FDIC agent arrived and I was told there were many stories from customers that received the wrong information from Indymac. If the bank rep had set it up as a joint account it would have been insured. It was suggested I call the Ombudsman office. Two days later I was told by a person in that office that even though the bank may have given people the wrong information, Indymac no longer existed, therefore there was no one to answer my complaint.
Working in a public school I teach responsibility and values for an honest life everyday to my students. I voted for hope in the last election and now I watch, with all my fellow Americans, the billions given to bailout big companies and banks that took huge risks and were far from honest in their dealings. I am trying to be hopeful that there is one leader out there that can stand up for all of us that were misled and lied to by Indymac Bank. The FDIC insurance increase should be retroactive to cover all the victims of the Indymac failure. In the context of all the current bailouts it’s simply the right thing to do.
Sunday, December 28, 2008
Gina's press letter-please comment!
IMMINENT FIRE SALE OF INDYMAC BANK MUST BE EXPOSED !!!
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year's end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank's Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes "uninsured"
funds from 10,000 Depositors. The last five months have been a living hell for them.......College Funds vanished, retirement nest eggs decimated, old people penniless....savings of a lifetime disappear.
Shiela Blair spends these five months "altering" mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer's buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are "Victims".
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its' news blackout to announce the sale of IndyMac by year's end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ..... Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC'S INTERESTS ......????
For further details or documentation please contact directly Lisa Marshall at indymacdepositors@gmail.com or the undersigned.
Warmest Holiday Wishes,
Gina
Gina Martelli
gsmla@aol.com
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year's end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank's Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes "uninsured"
funds from 10,000 Depositors. The last five months have been a living hell for them.......College Funds vanished, retirement nest eggs decimated, old people penniless....savings of a lifetime disappear.
Shiela Blair spends these five months "altering" mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer's buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are "Victims".
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its' news blackout to announce the sale of IndyMac by year's end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ..... Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC'S INTERESTS ......????
For further details or documentation please contact directly Lisa Marshall at indymacdepositors@gmail.com or the undersigned.
Warmest Holiday Wishes,
Gina
Gina Martelli
gsmla@aol.com
Tracy's story
To all uninsured depositors,
My name is Tracy Li, I am one of the victims of failed bank with deposit receivership. I am also a single working mother originally from China. I worked really hard to save the money, try to build up strong financial foundation. But the nightmare was happened on July 11. I was so sharked and couldn't eat & sleep well on the following week. when i was in the crowd to withdraw the money on July 14, I was told by FDIC that they possibly to sell Indymac assets up to 5 years. If they can sell the bank, we still don't know how much we can get it back.
I think we should follow Lisa to fight for ourselves. We cannot just wait...
If you have some actions please count me in.
Cheers,
Tracy
My name is Tracy Li, I am one of the victims of failed bank with deposit receivership. I am also a single working mother originally from China. I worked really hard to save the money, try to build up strong financial foundation. But the nightmare was happened on July 11. I was so sharked and couldn't eat & sleep well on the following week. when i was in the crowd to withdraw the money on July 14, I was told by FDIC that they possibly to sell Indymac assets up to 5 years. If they can sell the bank, we still don't know how much we can get it back.
I think we should follow Lisa to fight for ourselves. We cannot just wait...
If you have some actions please count me in.
Cheers,
Tracy
Jeannie's story
Hello,
My name is Jeannie, and I an an IndyMac investor who has not received over 50K of MY investment. I was told all accounts under 100 were insured and had 2 accounts - cd's in my name of 100k plus a year's interest/dividends.
Please put me on the list of uninsured folks that you are compiling. I have written my Senator's Jeff Sessions and Richard Shelby - both expressed their sympathies and basically said that the increased FDIC insurance was not retroactive.... and that was about it. I am livid.
Thank you for spearheading a united effort. I look forward to hearing from you.
Jeannie
My name is Jeannie, and I an an IndyMac investor who has not received over 50K of MY investment. I was told all accounts under 100 were insured and had 2 accounts - cd's in my name of 100k plus a year's interest/dividends.
Please put me on the list of uninsured folks that you are compiling. I have written my Senator's Jeff Sessions and Richard Shelby - both expressed their sympathies and basically said that the increased FDIC insurance was not retroactive.... and that was about it. I am livid.
Thank you for spearheading a united effort. I look forward to hearing from you.
Jeannie
Bill's Loss
October 09, 2008
Mr. Ronald Bieker
Deputy Director, Division of Resolutions and Receiverships
FDIC
1601 Bryan Street
Dallas, TX 75201
Dear Mr. Bieker,
I am not certain if you are the correct person I should be contacting, if you are not please forward this email to the correct person or department. My wife and I have lost over eighty thousand dollars in the take over of IndyMac bank. We have received 100% of the amount that was federally insured and the 50% dividend that was promised of the uninsured amount. However, we are still out over $80,000.00 at this time. At the time of the take over of IndyMac it was reported that the FDIC intention was to sell the assets of IndyMac to recover any losses of it's depositors and the FDIC hoped to accomplish this within three months. We are now in the third month and my wife and I are still waiting. We understand these things take time, however the situation my family is in is becoming dire each and every day we wait. Initially my wife and I deposited the money from the sell of our house in IndyMac and this was to be temporary while we searched for another house. Months have passed now and we are having to live with relatives while we wait for something that was taken from us and may never be returned. Mr Bieker if we could go back in time, believe me, my wife and I would have never sold our home and made that deposit into a California bank that a New York Senator caused a run on and left me without a home to provide my wife and my 4 year old daughter. I would like to offer a solution that not only will help my family, but will help the FDIC as well. I have noticed that there are several thousand homes for sell on the IndyMac website and my wife and I would like to purchase one and to have the amount that is due to us discounted from the purchase price. We would be able to pay the difference in cash and this transaction would not require in financing on our part. Please let me know your thoughts on this idea and feel free to contact me with any questions or concerns you may have. I can be reached by mobile phone at 512.538.4243
Kind regards,
Bill Jordan and Elvira Rodriguez
Bill Jordan
Mr. Ronald Bieker
Deputy Director, Division of Resolutions and Receiverships
FDIC
1601 Bryan Street
Dallas, TX 75201
Dear Mr. Bieker,
I am not certain if you are the correct person I should be contacting, if you are not please forward this email to the correct person or department. My wife and I have lost over eighty thousand dollars in the take over of IndyMac bank. We have received 100% of the amount that was federally insured and the 50% dividend that was promised of the uninsured amount. However, we are still out over $80,000.00 at this time. At the time of the take over of IndyMac it was reported that the FDIC intention was to sell the assets of IndyMac to recover any losses of it's depositors and the FDIC hoped to accomplish this within three months. We are now in the third month and my wife and I are still waiting. We understand these things take time, however the situation my family is in is becoming dire each and every day we wait. Initially my wife and I deposited the money from the sell of our house in IndyMac and this was to be temporary while we searched for another house. Months have passed now and we are having to live with relatives while we wait for something that was taken from us and may never be returned. Mr Bieker if we could go back in time, believe me, my wife and I would have never sold our home and made that deposit into a California bank that a New York Senator caused a run on and left me without a home to provide my wife and my 4 year old daughter. I would like to offer a solution that not only will help my family, but will help the FDIC as well. I have noticed that there are several thousand homes for sell on the IndyMac website and my wife and I would like to purchase one and to have the amount that is due to us discounted from the purchase price. We would be able to pay the difference in cash and this transaction would not require in financing on our part. Please let me know your thoughts on this idea and feel free to contact me with any questions or concerns you may have. I can be reached by mobile phone at 512.538.4243
Kind regards,
Bill Jordan and Elvira Rodriguez
Bill Jordan
Saturday, December 27, 2008
Sarah's Mother....
Hi- I read your blog with great interest today as we went through this too for my Mom's accounts at Indymac that we were told were insured. So far she is still out more than $100,000.
She had three CD's with Indymac and they convinced her a fourth would still be covered by FDIC insurance. The new CD started the day before the bank was taken over. We tried to get through to close out that CD on the day that it became clear the bank was in trouble, but no one answered the phones and the fax we sent was ignored.
We have tried all methods with the FDIC including the office of the Ombudsman, they only say to wait until the assets are sold and she should get "some" or most of that money back.
What can I do to help this group action?
Sarah
She had three CD's with Indymac and they convinced her a fourth would still be covered by FDIC insurance. The new CD started the day before the bank was taken over. We tried to get through to close out that CD on the day that it became clear the bank was in trouble, but no one answered the phones and the fax we sent was ignored.
We have tried all methods with the FDIC including the office of the Ombudsman, they only say to wait until the assets are sold and she should get "some" or most of that money back.
What can I do to help this group action?
Sarah
Tuesday, December 23, 2008
Sale of Indymac Appears Imminent
Here we go !!! The moment of truth is upon us. We have waiting patiently for months while the FDIC has experimented with Indymac as laboratory rat with their loan modification program. Now that the FDIC has ran the bank into the ground we can see what it will go for. Check out this article at the following:
http://latimesblogs.latimes.com/money_co/2008/12/indymac-sale-fd.html
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn't it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
http://latimesblogs.latimes.com/money_co/2008/12/indymac-sale-fd.html
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn't it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
Monday, December 22, 2008
Regulator Let IndyMac Backdate Infusion
Looks like all of the major newspapers have picked up this story. Read the different versions below.
Click Here to view the Wall Street Journal story!
Click Here to read the NY Times story.
Click Here to read the Washington Post story.
Click Here to read Yahoo Finance story.
Click Here to view the Wall Street Journal story!
Click Here to read the NY Times story.
Click Here to read the Washington Post story.
Click Here to read Yahoo Finance story.
Sunday, December 21, 2008
Merry Christmas FDIC !!!
All I want for Christmas is my hard earned money back so I can stimulate the economy and spend lots of money on gifts for my family and friends which they so much deserve.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
or
http://www.nowpublic.com/tech-biz/indymac-bank-customer-frustrated-52k-loss
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase "toxic" mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
or
http://www.nowpublic.com/tech-biz/indymac-bank-customer-frustrated-52k-loss
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase "toxic" mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Letter to Sheila C. Bair
Recent letter sent to Sheila Bair. We all need to contribute to this blog and share our stories.
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)
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