Another plea for HELP!
Yesterday I wrote regarding the above subject and will include a copy of the letter in this correspondence that follows.
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WE THE DEPOITORS, CREATED THE BUSINESS’S, THE JOBS AND THE CAPITAL, AND THEN INTRUSTED OUR MONIES INTO BANKS THAT SHOULD HAVE BEEN REGULATED AS REQUIRED BY LAW. AND BECAUSE THE AGENCIES DID NOT WATCH OVER THE BANKS AS IS REQUIRED BY LAW, (THE BANKS, THE BROKERS, MORTGAGE BUYERS WERE ALLOWED TO BREAK THESE LAWS) WHICH CAUSED CAUSED THE FAILURE AT INDYMAC.
And when this failure at Inidymac occured it became appearant to the government that the FDIC coverage of 100K was not sufficient and should be permanantly changed to 250K per eligible account/depositor.
Therefore it would only be just to make the new coveerageage retroactive to cover the Indymac depositors.
If you and others vote yes to do this ( using TARP) monies I promise to put the monies back into the economy.
A Plea for help !!!
Not only was I an Indymac depositor (for business use & for personal future retirement savings) who lost 167,000.00 in monies deemed uninsured,
- but I was a small business owner, whom has started 5 successful different business over
over the last 30 plus years and whom has created and employed 100+ workers over that
time frame.
- as a result i have had to close my current businesses and can no longer employ workers.
- I have never asked for or taken ( nor would I ) any public assistance or government monies
of any kind nor would I.
- I and my wife now drive a 16 year old van and clip coupons and sell things on ebay to get by.
- As required by law, i I have declared & paid taxes on interest earned on paper
( Principal and Interest on monies that I have not and will never see ).
Kind of Ironic, that you have to pay taxes on Interest credited to an an account whose
balance was reduced by 167,000.00 ( which was more than 10x the amount of interest earned)
-
Before opening the account I was told by Indymac supervisor and also by a supervisor
at the FDIC (whom i called prior) that I plus all named ITF (in trust for’s) would each
receive 100k insurance coverage. Unfortunately this is incorrect, (as i learned from a
newly created FDIC calculator program that did not exist prior) when the person whose
account it is names ITF’s then that person no longer counts as one of the names eligible
for for 100k insurance coverage.
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- And some how by sheer luck the buyers of the indymac bank paid a price equal to an amount that just covered the 50% advance paid out to depositors. How would FDIC officals know immediately after taking over the bank how much they would be able to seell it for.
- And then the new owners (whose paid and put up pennies on thee dollar) were given a cap of 20% losses on any non-performing loans whereby the govt would pay an additional losses.
- so if the govt was guaranteeing 80-90% of the asset value why were depositors only given 50% and then told there would be no more monies paid out.
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– the FDIC agenicies that are supposed to watch over banks were asleep and corrupt (in telling Indymac to falsify deposit records) which directly allowed thee greedy/corrupt bankers and mortgage brokers to line their pockets which commissions
on inflated asset value….
— Then the govt rewarded those with mortgages who got in over their heads, reducing their interest to near zero and extending their payments out as much as 40 years.
— The govt also reward first time home buyers with an 8000 tax credit, that should go to all home buyers
It should not have gone to just first time home buyers since they are the ones with the least credit who got themselves into
crazy mortgages with variable rates…
The govt also then bailed out insurance companies who owned thesee assets and were suppoosed to be in part responsible
for mortgage insurance on 1st and 2ndmortgages…
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WE THE DEPOITORS CREDITED THE BUSINESS’S, THE JOBS AND THE CAPITAL, AND THEN INTRUSTED OUR MONIES INTO BANKS THAT SHOULD HAVE BEEN REGULATED AS REQUIRED BY LAW. AND BECAUSE THE AGENCIES DID NOT WATCH OVER THE BANKS AS IS REQUIRED BY LAW, (THE BANKS, THE BROKERS, MORTGAGE BUYERS WERE ALLOWED TO BREAK THESE LAWS) WHICH CAUSED CAUSED THE FAILURE AT INDYMAC.
And when this failure at Inidymac occured it became appearant to the government that the FDIC coverage of 100K was not
sufficient and should be permanantly changed to 250K per eligible account/depositor.
Therefore it would only be just to make the new coveerageage retroactive to cover the Indymac depositors.
If you and others vote yes to do this ( using TARP) monies I promise to put the monies back into the economy.
Sincerely
Ronald Bucell
Letter to Congress and House Financial Services Staff
Click Here to get a copy of the letter to send to Congress and the House Financial Services Staff asking for a hearing and review before Congress of the Indymac issue.
You can add your name, address and telephone, then utilize the Congressional contact list to locate your representative or CLICK HERE to find Congressman Barney Frank, and the House Financial Services staff.
Marc’s Story… another productive person’s savings gone
Hi Lisa,
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
Thank you,
Marc
Gina’s press letter-please comment!
IMMINENT FIRE SALE OF INDYMAC BANK MUST BE EXPOSED !!!
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year’s end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank’s Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes “uninsured”
funds from 10,000 Depositors. The last five months have been a living hell for them…….College Funds vanished, retirement nest eggs decimated, old people penniless….savings of a lifetime disappear.
Shiela Blair spends these five months “altering” mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer’s buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are “Victims”.
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its’ news blackout to announce the sale of IndyMac by year’s end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ….. Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC’S INTERESTS ……????
For further details or documentation please contact directly Lisa Marshall at indymacdepositors@gmail.com or the undersigned.
Warmest Holiday Wishes,
Gina
Gina Martelli
gsmla@aol.com
Tracy’s story
To all uninsured depositors,
My name is Tracy Li, I am one of the victims of failed bank with deposit receivership. I am also a single working mother originally from China. I worked really hard to save the money, try to build up strong financial foundation. But the nightmare was happened on July 11. I was so sharked and couldn’t eat & sleep well on the following week. when i was in the crowd to withdraw the money on July 14, I was told by FDIC that they possibly to sell Indymac assets up to 5 years. If they can sell the bank, we still don’t know how much we can get it back.
I think we should follow Lisa to fight for ourselves. We cannot just wait…
If you have some actions please count me in.
Cheers,
Tracy
Jeannie’s story
Hello,
My name is Jeannie, and I an an IndyMac investor who has not received over 50K of MY investment. I was told all accounts under 100 were insured and had 2 accounts – cd’s in my name of 100k plus a year’s interest/dividends.
Please put me on the list of uninsured folks that you are compiling. I have written my Senator’s Jeff Sessions and Richard Shelby – both expressed their sympathies and basically said that the increased FDIC insurance was not retroactive…. and that was about it. I am livid.
Thank you for spearheading a united effort. I look forward to hearing from you.
Jeannie
Bill’s Loss
October 09, 2008
Mr. Ronald Bieker
Deputy Director, Division of Resolutions and Receiverships
FDIC
1601 Bryan Street
Dallas, TX 75201
Dear Mr. Bieker,
I am not certain if you are the correct person I should be contacting, if you are not please forward this email to the correct person or department. My wife and I have lost over eighty thousand dollars in the take over of IndyMac bank. We have received 100% of the amount that was federally insured and the 50% dividend that was promised of the uninsured amount. However, we are still out over $80,000.00 at this time. At the time of the take over of IndyMac it was reported that the FDIC intention was to sell the assets of IndyMac to recover any losses of it’s depositors and the FDIC hoped to accomplish this within three months. We are now in the third month and my wife and I are still waiting. We understand these things take time, however the situation my family is in is becoming dire each and every day we wait. Initially my wife and I deposited the money from the sell of our house in IndyMac and this was to be temporary while we searched for another house. Months have passed now and we are having to live with relatives while we wait for something that was taken from us and may never be returned. Mr Bieker if we could go back in time, believe me, my wife and I would have never sold our home and made that deposit into a California bank that a New York Senator caused a run on and left me without a home to provide my wife and my 4 year old daughter. I would like to offer a solution that not only will help my family, but will help the FDIC as well. I have noticed that there are several thousand homes for sell on the IndyMac website and my wife and I would like to purchase one and to have the amount that is due to us discounted from the purchase price. We would be able to pay the difference in cash and this transaction would not require in financing on our part. Please let me know your thoughts on this idea and feel free to contact me with any questions or concerns you may have. I can be reached by mobile phone at 512.538.4243
Kind regards,
Bill Jordan and Elvira Rodriguez
Bill Jordan
Sarah’s Mother….
Hi- I read your blog with great interest today as we went through this too for my Mom’s accounts at Indymac that we were told were insured. So far she is still out more than $100,000.
She had three CD’s with Indymac and they convinced her a fourth would still be covered by FDIC insurance. The new CD started the day before the bank was taken over. We tried to get through to close out that CD on the day that it became clear the bank was in trouble, but no one answered the phones and the fax we sent was ignored.
We have tried all methods with the FDIC including the office of the Ombudsman, they only say to wait until the assets are sold and she should get “some” or most of that money back.
What can I do to help this group action?
Sarah