Posted by on December 23, 2008 · View Comments
Here we go !!! The moment of truth is upon us. We have waiting patiently for months while the FDIC has experimented with Indymac as laboratory rat with their loan modification program. Now that the FDIC has ran the bank into the ground we can see what it will go for. Check out this article at the following:
http://latimesblogs.latimes.com/money_co/2008/12/indymac-sale-fd.html
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn’t it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
Posted by Lisa on December 22, 2008 · View Comments
Looks like all of the major newspapers have picked up this story. Read the different versions below.
Click Here to view the Wall Street Journal story!
Click Here to read the NY Times story.
Click Here to read the Washington Post story.
Click Here to read Yahoo Finance story.
Posted by Lisa on December 22, 2008 · View Comments
Greetings all,
Thanks to each of you for calling, emailing, blogging. In order to get more focus, and take action, I would like to get some info posted on the blog, and, find a place to store files that can be viewed on the Internet; letters and my excel address book of letters I have U.S. post mailed (yes, I went postal) to government workers of all sorts. If you are able to help, please contact indymacdepositors@gmail.com.
A special thanks to Lauren LaCapra at “TheStreet.com” for writing and exposing some information about Indymac & the FDIC.
I have now spoken with about $3,500,000 to $4,000,000 worth of depositors. Conservatively, .7% of all the $541 million missing Indymac dough. Not bad considering I have been on the case for a very short time. You are all very intelligent, very conservative, or you never would have had the savings put away in any event. It is your retirement, college fund for children, money for family, money YOU EARNED. If you feel any bit embarrassed, we all have been there. Help yourself get over it and help us by taking action on the items below. You can remain private if you wish, and still participate in your self assisted attempt in recovery of funds.
A few housekeeping items for us:
1) If you want to be a blogger, please shoot me a quick note back, and I will send you an “invitation to Blog”. Send your note to indymacdepositors@gmail.com. the blog site is http://indy-mac.blogspot.com/ or you can type indymacdepositors.com into your browser. This will take you to the same place.
2) If you want my excel spreadsheet of addresses and names of senators, congress people and other entities, please send me a note, I will send to you the excel file as an attachment. If you can do mail merge, it is set for that already. There are about 45 entities or people, so a mail merge helps.
3) If you want to be connected to all of the others in the group & want to connect, I suggest you include your info in the blog, or a comment.
I have stories to post, and out of respect for the privacy of everyone, I want you to post your own, so I don’t have to edit out the info you want excluded. We have privacy issues to fully respect, but for those who want to be heard, please get out there.
As a reminder, please write to your congress people! Write to the President Elect Obama, write to President Bush. Write to the media, radio stations, any financial show, cable show, news letter that you think will be fruitful. Please post any replies or results to the group on the blog!
Most of all, stay healthy & love your loved ones. There’s no time like the present!
Cheers,
–
Lisa Marshall
Posted by Lisa on December 22, 2008 · View Comments
IndyMac & Charles Schumer were given dishonorable mention on Mr. Limbaugh’s radio program today. He talked about Senator Schumer’s involvement in the whole fiasco. Rush Limbaugh’s radio program web site is: www.rushlimbaugh.com
Please write to Mr. Limbaugh, as we may generate some enthusiasm for publicity there.
Email Rush at elrushbo@eibnet.com.
Cheers,
Lisa
Posted by on December 21, 2008 · View Comments
All I want for Christmas is my hard earned money back so I can stimulate the economy and spend lots of money on gifts for my family and friends which they so much deserve.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
or
http://www.nowpublic.com/tech-biz/indymac-bank-customer-frustrated-52k-loss
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase “toxic” mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Posted by on December 21, 2008 · View Comments
Recent letter sent to Sheila Bair. We all need to contribute to this blog and share our stories.
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)
Posted by Lisa on December 16, 2008 · View Comments
This writer wants to thank all of those who have emailed their Indymac stories so far. Each case is so similar. Professionals, hard working citizens of society, embarrassed to have “let this happen to me”.
Soon, we will be posting some of this information with permission from those who submitted their documents. Some letters will leave the writer’s name out, some will include name and phone number.
If you have not written letters to media, made phone calls, documented all of your details, contacted members of U.S. Congress, now is the time to start. We shall compile a list of interested media entities for each of you to contact, as well as post ideas for your letters, and places to write in case you are out of ideas.
Many we have spoken with are in favor of sending a group letter to members of congress, media, and visiting en mass to Senators’ offices etc. Soon a proposed letter will be posted on this blog site. Any person interested in becoming a part of sending this letter is welcome. Please contact indymacdepositors@gmail.com if you have not already done so. Be well, Lisa
Posted by Lisa on December 14, 2008 · View Comments
Hello –
My name is Elizabeth and I am so glad that I have found people that I can address issues with and potentially discuss alternatives to assist with our situations. Here’s my story:
I had just sold a ton of company options and lost over $168K in the bank foreclosure that has not been reimbursed to date. I sold my company options is hopes of diversifying my portfolio and put the money into my money market account at Indy Mac until I could find some other investments (it was only in my account for two months). I had over $450K in my bank account and then they bank filed bankruptcy. I got a portion back – but the $168K is still in question.
It is beyond me that the FDIC can take your money over night and then never communicate the status of what is going on. I have contacted the FDIC multiple times with no success. I called them repeatedly for two weeks straight – every day leaving a message and no one would call me back. I finally received a call back – but there only response was that they had no information and that I would have to wait. I asked how long and they said that they have no idea.
I can’t believe that the government operates this way. I am very concerned with what the government is doing now with all the bailout money which the public once again will have to fund.
I have already been hit so hard with this financial challenge. I saved my whole life for this and now it has been taken from me in 24 hours. I sacrificed through my life and never spent money beyond my means. But due to others’ over zealous spending patterns, I am feeling the pain. This is teaching me not to save and to spend everything I can and then the government will take the money from others to pay for my mistakes… is that what our society really wants to teach people?
On a side note … I have also been trying to determine from a tax perspective – how this “loss” will be handled. Due to the fact that I sold company options – I am being taxed at my ordinary income tax rate which is 35% for the money and now I don’t even have the money. Per the IRS publications – I will only be able to write off up to $20K against ordinary income (subject to some other limitations) or write the loss off against capital gains – which I have none since the stock market has taken a turn for the worse. \
Any information that you can provide on this Indy Mac situation is GREATLY appreciated since the government gives “NONE”. Please let me know if I can be of any assistance.
Best regards –
Elizabeth Pelzl
832-771-1947
Posted by Lisa on December 14, 2008 · View Comments
Please read and respond to the NY Times article in todays paper regarding Charles Schumer. Click the link below to read the article and the link below that to respond to the NY Times.
Schumer's Stands – Interactive Graphic – NYTimes.com
Respond to NY Times
Posted by Lisa on December 14, 2008 · View Comments
Do you want to blog your thoughts?
Send an email requesting blogging access and we will set up as a guest blogger so that you can add your story and experiencs to the site.
indymacdepositors@gmail.com