Comments on: IndyMac Delivers Coal to Florida Home Owners

By: edoa37

edoa37 — Fri, 06 Feb 2009 12:03:33 +0000

thanks!

By: LastDaysOfIMB

LastDaysOfIMB — Fri, 28 Dec 2007 19:34:41 +0000

Interesting dialogue. Having been a high-level “partner” with Indymac the past couple years, it is apparent the company is now on life-support and any brain activity has long since ceased. The changes in the market affecting their ability to do Jumbos and Alt-A were devastating enough…but acquiring a defunct executive team from AHM whose business model couldn’t survive under the current industry scrutiny made a bad situation worse. The fact that they are still bringing in deposit dollars to fund operational costs has only delayed the inevitable.

By: Prof.doubter

Prof.doubter — Fri, 28 Dec 2007 13:35:45 +0000

Impressed with “Just” ability to quote black letter law, as well as the humility of the name choice, I would like to point out that the existence of all those courts and prisons testify to the FACT that laws do get broken. Am I the only one beginning to wonder if we might be hearing from a professional mouthpiece here?

By: Top Producer

Top Producer — Fri, 28 Dec 2007 04:41:05 +0000

Pretty soon all banks in Florida will be retricted to full doc only, because the property value has out pace income. Since R/E inventory is high people can sell fast enough to avoid foreclousre and property value continues to decline in the local markets.I see brokers out of business in 2008, becuase now with all the fed regulations banks will controll everything.IndyMac will survive and reduce there work sales force.

By: JustTheTruth

JustTheTruth — Thu, 27 Dec 2007 22:29:59 +0000

Thank you Morgan. I should have included post “reply” in my entry. I did in no way intend for my message to reflect negatively on your original post and apologize if that was not clear.

By: west coaster

west coaster — Thu, 27 Dec 2007 22:18:01 +0000

This is not some kind of abberation, this is the future of lending. There will be no more Liar, Liar your pants are on fire loans. The days of hap hazard free money, we won’t ask if you won’t tell loans, are DOA Dead on Arrival. This is the future of lending. Soon there will only be a handful of lenders out there. Countrywide, Wamu, Bank of America, Wells Fargo, Wachovia. SubPrime will follow the same paths as Beanie Babies and Cabbage Patch Dolls. All loans or a vast majority will be Full Documentation. to get a Stated Income loan you will need a FICO North of 720 and perhaps 90% LTV. As for Indy Mac, they should be off the Radar in the next few months.

By: Morgan

Morgan — Thu, 27 Dec 2007 22:08:45 +0000

i just want to point out that the original post did not say that indymac executives were dumping shares or anything of the sort. you can read mike perry’s own words on share activity here:

http://theimbreport.com/?p=93

also, many homeowners who qualified for loans using stated income that was far and above their actual income are squeezed by this change – regardless of owner-occupancy status.

By: JustTheTruth

JustTheTruth — Thu, 27 Dec 2007 21:04:16 +0000

“That is because most coporate officers divest their shares via a trust or blind trust. Those equity sales are not reported on any FDIC or company maintained manifests.”

There has yet to be any evidence provided that this is the case with either IMB or WAMU. The filings are required by the SEC. To implement Section 10(b), the SEC adopted Rule 10b-5, which provides, in relevant part:

It shall be unlawful for any person, directly or indirectly . . .,

(a) to employ any device, scheme, or artifice to defraud,

(b) to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, or

(c) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of a security.

I’m not an expert, but I’m tired of reading posts that contain poisionous and possibly misleading information yet presenting it as fact.

By: st.louie

st.louie — Thu, 27 Dec 2007 20:17:41 +0000

They never valued the sales forse, despite being able to recruit top shelf sales people the past few years, they never provided the operational support to keep them, their pompass management team was so impressed with their system, they didnt realize that the rest of the industry caught and surpassed them. So just like in high school this OPS group is still the nerds who will always be losers

By: IceToEskimos

IceToEskimos — Thu, 27 Dec 2007 20:03:37 +0000

“That?s strange. The WEB site I?m looking at shows IMB?s 14 most recent insider trading activities, and all were PURCHASES of company stock.”

That is because most coporate officers divest their shares via a trust or blind trust. Those equity sales are not reported on any FDIC or company maintained manifests. If their stock sale info posted on their website makes you feel good, buy away! Bottom line, tehy are screwed as you will be if you go long. By the way, you could remove IndyMac from this commentary and replace it with Wamu, same outcome to be realized.