From the Arizona Mortgage Guru mailbag: Question: Well, we just received a notice that IndyMac, who we have a second mortgage with, closed it’s doors. They kindly sent us a notice that they are working with Wells Fargo to offer help refinancing our loan. My concern is this, if we have to go through a [...]
Posts under ‘Subprime Mortgages’
The Feds Themselves Issued Subprime Loans in 2001
From the WSJ this morning “FDIC Faces Mortgage Mess After Running Failed Bank“: It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court. Reminds me of Lisa Simpson’s line in “Homer the Vigilante“, when Homer [...]
IndyMac Goes Down
With stocks down 98% from a year ago, rising loan delinquencies and very little liquidity, Indymac, one of the nations top 10 mortgage lenders is done! It’s closing its wholesale and retail operations as well as halting any new locks. At one time IndyMac was a major player in the “Alt-A” market (loans with risk [...]
