Shed no tears for bumbling IndyMac
 

Summer of discontent: Shed no tears for bumbling IndyMac

By Bill Creeden
For the Journal-Constitution
Published on: 07/16/08

Do not feel bad for IndyMac, the California-based bank seized by federal regulators Friday. I am a builder who has deeply felt the financial loss of the housing downturn.

Last August, I realized I could not afford the $1 million home I had built for my family. We moved out and put it on the market. I made the $6,000-a-month payments as long as I could ?- April. I contacted IndyMac, before the payment was late, and tried to explain my situation, and tried to work out an arrangement. All I got was, "But you're not late yet."

Now that the loan has been late, I of course receive two or three collection calls per week. I have tried to work with the loss mitigation department, but all they have to say is, "You just need to make a payment." During the entire time, I have been taking good care of the house and landscape.

As the 90-day past-due mark approached in June, IndyMac had the house "winterized." They shut off all the plumbing, disabled the air conditioners, changed the door lock, and put warning stickers everywhere. I contacted them to remind them I am trying to sell the house, which is their best bet so they would not lose money in this situation. All I got was, "Winterizing is a necessary step in protecting our collateral."

Winterizing a house that is obviously being taken care of, in Georgia, in June, is necessary? Enough said. They will probably proceed with foreclosure, I will probably lose my equity, and they will lose multiple six figures. Please, don't feel bad for a company that employs people who can't fog a cold mirror after a hot shower.

sounds like some moron bought a house he could not pay for then expected the bank to cut him a deal. The bank was not smart enough to cut him a deal and they both lose. oh well no tears here

I wouldn't feel sorry for them either. They got into this mess just like everyone else.

You should feel sorry for the folks who had more then 100k with them, those poor bastards may get $0.50 on the dollar.

do those people not fucking understand the signs all over the bank saying only 100k is insured? Seriously wtf is wrong with people?

Read it again with an open mind.He built the house, the market changed. If your industry the
bottom dropped out would you like to be treated the same way?

THIS PRETTY MUCH TELLS THE REAL STORY

https://youtube.com/watch?v=C4SwK8cdujc

Maybe he has a better chance now that the FDIC is taken over operations.
WG

I own a construction company I know where he is at. I am no where nears having to change my life because of the market down turn. I am smart enough to LIVE BENEATH my means. He was not. The bank was dumb enough to loan someone that is living beyond his means in a market that is always changing.

If he bought a 250k house he would still have it for many years. enough years to allow the market to change again

You are assuming a lot on little info.

lol how much is a down payment on a million dollar house? around enough to buy a 250k house. He would not have lost anything if he had just bought outright.

Maybe I am assuming a lot. But its pretty easy to assume when people blame someone else for their problems. And it is pretty easy to tell he was living beyond his means.

He wasnt blaming anyone, he was current on payments and want to work things out with them. They said no your current. They winterized the house in fucking georgia in june and the man was trying to sell it. He was blaming no one ,they kept stone walling him so he couldn't do the right thing. It's easier I guess to assume he is a fuck up than that the bank are jerk offs.

And you aren't?

what the banks did is right within their policy, whether you agree or not. The guy made an investment, it didnt work out and he got burned, it happens.

sorry you are misunderstanding me. my fault. BOTH are fuck ups. He never would have sold it before he defaulted. thats my guess