FDIC change helps the middle class too…by Congresswoman Jane Harman

Congresswoman Jane Harman responds to Washington Post editorial comment which falsely claimed Indymac victims as a few wealthy investors. Congresswoman Harman aptly describes the average depositor, who had no idea to suspect that Indymac was cooking the books, and an unscrupulous OTC employee overseeing the “Western Region” of banking allowed backdating of funds to prop up the value of the bank, allowing it to accept new deposits, all the way through the day of closing.

Further to that, bank employees, as alleged and proven by many Federal Court cases incorrectly titled accounts in their electronic records, leaving off beneficiaries, and co-owners of CD’s, further reducing FDIC coverage. Since the bank did not provide copies of signature cards, there was NO WAY to know these facts, unless one could get into the computer records, and compare with paper signature cards. FDIC only accepted the computer records as proof of account ownership and titling.

To read the editorial article, please click HERE.

Humble Start for FDIC Shift… WSJ article by Ruth Simon & Peter Lattman

To read the article, please click HERE.

A quote:
An FDIC spokesman said the retroactive rescue “would provide a more-even treatment of uninsured depositors since the onset of the crisis.” In response to depositor complaints, the agency has simplified some of its rules on insurance coverage for account beneficiaries. A spokesman for OneWest Bank, formed by private-equity investors who bought IndyMac assets and operations from the FDIC last year, declined to comment. … Of course they declined to comment.

InDY Yardstick Act – HR 5429 – YOUR MISSION NOW!

Greetings Fellow Depositors!

Last week we had a great meeting with Congresswoman Jane Harman in El Segundo. There were 10 fellow depositors who accompanied me from District 36. She took the time to explain the new depositor insurance legislation for consideration by the House, presented by Congresswoman Jane Harman (D-CA) and Congressman David Dreier (R-CA). While meeting with Ms. Harman last week for a “next steps” strategy meeting, I can tell you she really cares, and has worked hard on getting legislation enacted for us. Remember, this is round two.

We have new support in the House, from Congressman Barney Frank as well as the FDIC. So now we need to gain the support of the Senate as the plan is to place this legislation into Conference and have it added to the Financial Reform Bill.

The fastest way for us to gain support is to get signatures on the “Letter of Support” from every Californian you possibly can, to show strength and solidarity for this bill to the Senate, particularly our California Senators. Then we will present these signatures to our Senators and ask that they not only support this legislation, but also encourage their fellow Senators to do the same.

WE NEED EVERYONE’S HELP THIS WEEK!! Please download and print as many copies of the documents that we have prepared for you. First there is the Depositor Letter of Support. This form allows you as a depositor to add your information as well as any of the facts that you would like the Senators to hear about. The second form is a General Letter of Support that you can use to gather many signatures on. Please let those you approach know that their information will never be sold or shared with anyone other than the Senators and Congressmen that we present them to.

So please garner signatures from friends, family, co-workers, strangers, fellow members of your houses of worship, bridge clubs, country clubs or your grocer, postal worker, everyone who is a Californian. On the bottom of each form is a Fax number as well as a US Mail address to use to return the form to me. The Fax will be the fastest and most preferred. You can scan and email back to this address if that works for you as well.

SO PLEASE GATHER AS MANY SIGNATURES AS YOU CAN THIS WEEK SO WE CAN BEGIN OUR PUSH FOR THE SENATORS SUPPORT!!!

DOWNLOAD FORMS HERE

Jane Harman and David Drier to introduce HR 5429

Click on the icon below to read the bill.

IndyMac Depositors meet with Congresswoman Jane Harman

On Thursday, June 3, 2010, Jane Harman welcomed 10 IndyMac depositors to her office in El Segundo, CA.