It will be interesting to see how many more financial institutions fail in the near future. Times are tough. My mortgage was sold to Indy Mac. I wonder if the feds are going to keep the mortgage loans, or sell them off...

Those with multiple accounts under $100,000 but combined are more that $100,000. are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.

"The bank *is* FDIC insured (for deposits up to $100,000), so there really is no need to panic."

If I'm not mistaken, the FDIC has up to 10 years to repay depositors.

yes I saw this as well, Indy Mac not only had the run that shut them down but they were giving mortgages to anyone all day. It's only a metter of time before the house caves in on itself and I guess that day was today for Indy Mac.....

Just the first of several I am afraid. Just did some CE work today in a Foreclosure class here in Vegas. The war stories of all the agents on the front lines of this thing was VERY depressing. I met some great people, but this issue is so much bigger than some most suspect it to be.

The class was taught by the husband of the present GLVAR president. He said his wife, the Prez, gets phone calls all the time from reporters all over the world wanting to know what is going on with the Vegas market. He said they mostly never listen to her or get the facts right and are simply reporting what they want to report - regardless of what is happening on the ground. The good story, as slight as it may be, is never getting reported. That type of crap simply exasperates an already impossible situation....

Possibly the first of several, although there was an extremely nice bounce today as Wells Fargo released earnings.

It will be interesting to see how many more financial institutions fail in the near future. Times are tough. My mortgage was sold to Indy Mac. I wonder if the feds are going to keep the mortgage loans, or sell them off...

Those with multiple accounts under $100,000 but combined are more that $100,000. are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.

"The bank *is* FDIC insured (for deposits up to $100,000), so there really is no need to panic."

If I'm not mistaken, the FDIC has up to 10 years to repay depositors.

yes I saw this as well, Indy Mac not only had the run that shut them down but they were giving mortgages to anyone all day. It's only a metter of time before the house caves in on itself and I guess that day was today for Indy Mac.....

Just the first of several I am afraid. Just did some CE work today in a Foreclosure class here in Vegas. The war stories of all the agents on the front lines of this thing was VERY depressing. I met some great people, but this issue is so much bigger than some most suspect it to be.

The class was taught by the husband of the present GLVAR president. He said his wife, the Prez, gets phone calls all the time from reporters all over the world wanting to know what is going on with the Vegas market. He said they mostly never listen to her or get the facts right and are simply reporting what they want to report - regardless of what is happening on the ground. The good story, as slight as it may be, is never getting reported. That type of crap simply exasperates an already impossible situation....