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Fall of IndyMac

Fall of IndyMac
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You might be searching the latest updates and current news about real estate and mortgage sale and purchase. The biggest news which has been discussing by real estate investors of the world is the fall of IndyMac. Last week it was noticed that IndyMac is no more providing new real estate loans to the customers; instead, it is concentrating to provide the best support to its existing customers who have already taken the loan. However, the regulators felt that IndyMac is not supporting new loans because it is not considered as sufficiently capitalized.

Experts analyzed that IndyMac days were numbered exactly and it is not necessary that it will last for the whole year. They are right in their place because not only they observed it through the whole year but even didn’t survive a single week. According to News published in a local newspaper, US banking regulators are thinking to seize IndyMac. Due to this a huge rush was observed in the bank by panicked depositors who had invested money in IndyMac. One of the failures in the progress of IndyMac is significant drain of funds because currently they are having only around 53 billion insurance funds. It is just because of the failure that the US government has to spend 4 to 8 billion funds from its bank to fulfill the requirement of IndyMac’s old depositors.

Another latest update about the rates in mortgage is the fall in interest rates as observed in the month of June, 2010. As compare to June, the rates fell rapidly in the first two weeks of July which is being considering as a good symbol for real estate depositors.

 

 

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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