PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans (Update3)
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By David Mildenberg and Linda Shen
Last Updated: January 7, 2009 12:43 EST
The FDIC sells failed IndyMac Bank too soon—and for too little. Here is a recent article which effects all of the uninsured depositors Click HERE to read. The FDIC said it could run Indymac for years if necessary. I have news for everyone, the FDIC has no interest in insuring depositors that were lied to by Indymac Bank that exceeded FDIC limits or whose beneficiaries were denied coverage. The FDIC knew what was going on and what banks were telling their customers. They choose to look the other way. They are just as at fault.
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In short, David Barr states that the depositors already saw 50% of funds returned, where the FDIC has been paid back nothing.
Question…Does ALLSTATE make sure it can take your house if it has to replace your auto?