Banking regulators close IndyMac

Question

under the heading of BTO&#x27;s "you ain&#x27;t seen nothin&#x27; yet......"&#xD;&#xA; &#xD;&#xA;July 11th, 2008&#xD;&#xA; &#xD;&#xA;"The Office of Thrift Supervision shuts down mortgage lender IndyMac and transfers the operations to the Federal Deposit Insurance Corporation." &#xD;&#xA; &#xD;&#xA;"The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said."&#xD;&#xA; &#xD;&#xA;https://money.cnn.com/2008/07/11/news/companies/indymac_close.ap/index.htm?cnn=yes

LeRinkRat · Answer

under the heading of BTO&#x27;s "you ain&#x27;t seen nothin&#x27; yet......"&#xD;&#xA; &#xD;&#xA;July 11th, 2008&#xD;&#xA; &#xD;&#xA;"The Office of Thrift Supervision shuts down mortgage lender IndyMac and transfers the operations to the Federal Deposit Insurance Corporation." &#xD;&#xA; &#xD;&#xA;"The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said."&#xD;&#xA; &#xD;&#xA;https://money.cnn.com/2008/07/11/news/companies/indymac_close.ap/index.htm?cnn=yes

wallstreetcappers · Answer

Rat,This shut down stinks from high hell.They have a billion in cash, cut operations to try and survive. I think that the Schumer had it out for the company, which is also a crock of sh!t..what was an NY guy openly going after a bank like IndyMac anyway?Plus the regulatory agencies just let it go and instead of helping or guiding along the way, they just locked it up..Doesnt sound like an efficient market to me.

depeche2 · Answer

So IMB is practically worthless.  How long will it take for this to all shakeout.  I&#x27;d like to recognize my loss on IMB this year.  Should I sell or can I just claim as worthless or what?

claycourtlesson · Answer

Sell it, man.&#xD;&#xA; &#xD;&#xA;Do you have preferred or common?  If preferred, you may get some sort of convert.  But if you have common only, dump it, write of the loss against gains elsewhere.&#xD;&#xA; &#xD;&#xA;One good thing if we get a flushout Monday (and I pray we do just to get the goddamn thing over with), HYGS will be on the cheap.

wallstreetcappers · Answer

depeche,I am unsure sine they have other assets and business outside the bank operations. They have mortgage servicing and reverse operations still going.

Banking regulators close IndyMac

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