4 More Thrifts Backdated Assets

Click Here to Read the story by Scott Reckard of the L.A. Times.

Thanks Scott!

Please comment on his article at the latimes.com & add in your comment...www.indymacdepositors.com. Thank you.

Lisa Marshall

What does private equity see in IndyMac

Please comment on the following link:

Click here to read the story:

Thanks,

Lisa Marshall

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.

Regulator in IndyMac Case Gets Reassigned

Senator Grassley questions approval of backdated cash injection at IndyMac Bank.
Click Here to read the full story....

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.

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

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

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?

Press Release

News release: Company Information:www.indymacdepositors.com

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.

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.

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

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?

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.

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)

Schumer's letter in Late June

http://www.scribd.com/doc/3994968/Schumer-letter