tag:blogger.com,1999:blog-18675105.post2537126038392369376..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Alt-A "Liar's Loan" king IndyMac falling off the cliff, right on schedulebloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-18675105.post-81551971830069409822007-07-25T07:17:00.000+01:002007-07-25T07:17:00.000+01:00I'm an Indymac underwriter. For the record, the j...I'm an Indymac underwriter. For the record, the job blows. The process sucks, I haven't seen my kids in weeks because of the OT I'm required to work, and I'm grinding the enamel off my teeth. That said, in my "insider" opinion, the fraud you're blasting IMB for is industry-wide, and starts and ends with brokers, not your average ops people. I actually get a production BONUS for catching fraud. Stated loans? I do mostly full docs, because I end up countering nearly half of all the stated deals I see to full doc because they're garbage. Should I be looking for another job? Yep, and I am. But not for the reasons you're talking about.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-72842607497929576602007-07-21T06:11:00.000+01:002007-07-21T06:11:00.000+01:00Part of the problem is that no one really knows ho...Part of the problem is that no one really knows how bad the loan crisis will get, Plesser says. Experts worry that defaults will increase. "How many people were given mortgages who couldn't afford the loan?" Ramirez asks.<BR/>--<BR/><BR/>Well, no crap! They lied to get the loan!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60756050209435285842007-07-21T01:53:00.000+01:002007-07-21T01:53:00.000+01:00Indymac doesn't sell loans to Bear Stearns. What y...Indymac doesn't sell loans to Bear Stearns. What you don't know is that for the last 6 months we've been streamlining our ARMS into fixed rate loans at no cost. Not a refi but a note modification and the secondary market is eating it up.<BR/><BR/> Anonymous IndyMac eater said----Unless you work for the company on a daily basis, don't assume you know what's going on. While we are making less money year-over-year we are still EXTREMELY profitable. How do you compare us to CIT which realized a net loss of over 100 million? <BR/><BR/>July 20, 2007 3:11 AM<BR/>______________________________________________________________________<BR/>"Eating them up"?????<BR/>Don't you mean swallowing by force,or out of desperation?<BR/>How could anyone with a conscience push an ARM or piggy back?<BR/>What,market rates weren't good enouph?Did ,or do you ever look to see if a buyer is qualified for your contracts in the first place?<BR/>Did you disclose everything?How about "no doc "?<BR/> I don't need to know about you,but anyone pushing ARMs to uninformed,unqualified,and financially unqualified buyers is either stupid ,or a shark.Did you buy the appraisers bunk?Were you Really looking out for the buyer,or is that just not your job?<BR/>You have no passion,no understanding,and you don't fool HPers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-77121585832297269292007-07-20T20:32:00.000+01:002007-07-20T20:32:00.000+01:00Every stock connected to housing got killed again ...Every stock connected to housing got killed again todayAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28112422245002332822007-07-20T18:25:00.000+01:002007-07-20T18:25:00.000+01:00http://apps.indymacbank.com/individuals/realestate...http://apps.indymacbank.com/individuals/realestate/search.asp<BR/><BR/>IndyMac trolls - wouldn't it be funny if your very own house ended up "bank owned" by the company you used to work for? You should look for your coworkers houses. Hey, if that's a profitable business maybe they'll start laying you chumps off and taking your houses. Hell, it's some foreign investor that bought the lowest tranch, so who cares?gregorywhttps://www.blogger.com/profile/13900940292043774887noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-2281586580677191992007-07-20T17:02:00.000+01:002007-07-20T17:02:00.000+01:00RE: "No one wants to believe that their livelihood...RE: "No one wants to believe that their livelihood comes from misery, destruction or exploitation but they almost all do."<BR/><BR/>Not if you bake cookies!<BR/><BR/>Follow your bliss and seldom, if ever, will people get hurt. <BR/><BR/>Unles you're Hitler.Rordogmahttps://www.blogger.com/profile/06675570803301338126noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-29209122342764989652007-07-20T16:53:00.000+01:002007-07-20T16:53:00.000+01:00buggy whip and 8-track-tape always goes up - they ...buggy whip and 8-track-tape always goes up - they are not making anymore.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-16027922379226038552007-07-20T16:29:00.000+01:002007-07-20T16:29:00.000+01:00Well I just so happen to LOVE my old reel to reel!...Well I just so happen to LOVE my old reel to reel! (Not exactly "portable" I'll grant you) but when you tire of the SHRILL, tinny and sterile sound of CD's and want real depth, tone and warmth you can't beat a reel! <BR/><BR/>Reels didn't die b/c of inferior sound by a long shot. Most people couldn't handle the tapes after a few drinks and there were way too many knobs and switches for the avg. consumer. Musicians that learn "by ear" can also slow the tape down for more detail.<BR/><BR/>Oh, btw IndyMac sucks and yes, they are going down! (I just wish I could record it!)<BR/><BR/>DinORAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80154317645242618062007-07-20T15:22:00.000+01:002007-07-20T15:22:00.000+01:00"There were buggy whip and 8-track-tape producers ..."There were buggy whip and 8-track-tape producers who took market share too for a time"<BR/><BR/>Hey, but I know what my reel to reel is worth and I ain't gonna give it away! I'll just hold onto it till the market conditions change.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-30311721679498287002007-07-20T15:02:00.000+01:002007-07-20T15:02:00.000+01:00"Furthermore, our volume in terms of loan units wa..."Furthermore, our volume in terms of loan units was down by 17% because we have eliminated the 80/20 piggyback product (which requires the processing of two loans in each transaction) in favor of first lien higher-LTV programs with mortgage insurance". <BR/><BR/>LauraVella said: Everyone had to get these loans to buy a house dating back to AT LEAST 2000. Why? because houses were unafforable back then too. This housing boom is a maxed out Ponzi Scheme that is going collapse...hard. The loan pushers of these kinds of loans said they are great (the piggyback)because that second loan is tax deductable! LOL! If they're so great, why go back to PMI insurance? After all, PMI IS NOT tax deductable! On top of everything else (correct me if I'm wrong) that second mortgages are all ADJUSTABLE mortgages. Wow, this crash is going to be spectacular to watch and live through. The greatest housing crash in history, and we are all here to witness it. Fasten those seat belts...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-57123427897602152822007-07-20T14:20:00.000+01:002007-07-20T14:20:00.000+01:00"Rightsizing""Rightsizing"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35156316582306824382007-07-20T08:57:00.000+01:002007-07-20T08:57:00.000+01:00There were buggy whip and 8-track-tape producers w...There were buggy whip and 8-track-tape producers who took market share too for a time<BR/><BR/>And we all know how that turned outbloggerhttps://www.blogger.com/profile/06585266242070350399noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79614406580934485882007-07-20T08:51:00.000+01:002007-07-20T08:51:00.000+01:00I just love the spin about taking market share bec...I just love the spin about taking market share because other competitors are failing. Why are they failing? Could it be because the whole episode was a Ponzi scheme? The debt market is puking up mortgage backed CDOs now. What makes IndyMacs debt any better than say Washington Mutual's? WM is sitting on a mountain of pay-option mortgages, who's homedebtors can pay minimums until the deferred loan balance reaches a certain percentage above the original loan amount. How do you think WM is handling this unpaid amount on their balance sheet and income statement? How are they making earnings? <BR/><BR/>IndyMac is a house of cards just waiting to collapse. <BR/><BR/>But wait, there's more: Wells Fargo said there loan portfolio is fine yet managed to cut 500 jobs in their lending division. I guess those 500 people did nothing before? Wells Fargo is f*cked up too, all to come apparent in due course.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13013936258356583612007-07-20T06:20:00.000+01:002007-07-20T06:20:00.000+01:00Hey, IndyMac shill...remember this word: ramen.LOL...Hey, IndyMac shill...remember this word: ramen.<BR/><BR/>LOLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87352882736616419202007-07-20T05:41:00.001+01:002007-07-20T05:41:00.001+01:00>>>> Anonymous said... I didn't realize that th...>>>> Anonymous said...<BR/><BR/> I didn't realize that the title linked to the article.<BR/><BR/> It also seems like an insider posts insode info. I can confirm that 4% of the workforce was laid off today. Our company is taking necessary steps to insure its profitability.<BR/><BR/> I think it is pretty rude and unconscionable to assume that all Indymac Bank employees are liars. Your random, grossly inaccurate classification of human beings that you don't even know strips the power from your argument.<BR/><BR/> Where did you get the stat that 8% of our loans are delinquent?<BR/><BR/> Indymac doesn't sell loans to Bear Stearns. What you don't know is that for the last 6 months we've been streamlining our ARMS into fixed rate loans at no cost. Not a refi but a note modification and the secondary market is eating it up.<BR/><BR/> Unless you work for the company on a daily basis, don't assume you know what's going on. While we are making less money year-over-year we are still EXTREMELY profitable. How do you compare us to CIT which realized a net loss of over 100 million?<BR/><BR/> July 20, 2007 3:11 AM<<<<<BR/><BR/>who are you? the official housing panic, indymac damage control guy? hey pal, save your typing. where there is smoke there is fire. we know what is going on. no amount of covering up by you will suffice. the jig is up. the fantasy of mortgage lending is becoming a bad nightmare. and this is good. what goes up must come down....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-52375806384818649412007-07-20T05:41:00.000+01:002007-07-20T05:41:00.000+01:00Alt-A loans are also ideal in you are an illegal M...Alt-A loans are also ideal in you are an illegal Mexican. You can buy a house and live in it until you leave, then give it back to the US taxpayers.<BR/><BR/>All you need is a credit score - that is a credit card and make payments for a year - then you qualify for 500K ALT-A Loan as long as you and your mortgage broker are willing to strecth the truth a little.<BR/><BR/>But I don't suspect anyone in America would do that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-4460753212523907752007-07-20T04:45:00.000+01:002007-07-20T04:45:00.000+01:00Yet more evidence of the handy work of Fredy Krueg...Yet more evidence of the handy work of Fredy Krueger and Jason on wall street. i have no ide why you don't give the gruesome twosome their due, keith.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-92209563159083568442007-07-20T04:11:00.000+01:002007-07-20T04:11:00.000+01:00I didn't realize that the title linked to the arti...I didn't realize that the title linked to the article. <BR/><BR/>It also seems like an insider posts insode info. I can confirm that 4% of the workforce was laid off today. Our company is taking necessary steps to insure its profitability. <BR/><BR/>I think it is pretty rude and unconscionable to assume that all Indymac Bank employees are liars. Your random, grossly inaccurate classification of human beings that you don't even know strips the power from your argument.<BR/><BR/>Where did you get the stat that 8% of our loans are delinquent?<BR/><BR/>Indymac doesn't sell loans to Bear Stearns. What you don't know is that for the last 6 months we've been streamlining our ARMS into fixed rate loans at no cost. Not a refi but a note modification and the secondary market is eating it up.<BR/><BR/>Unless you work for the company on a daily basis, don't assume you know what's going on. While we are making less money year-over-year we are still EXTREMELY profitable. How do you compare us to CIT which realized a net loss of over 100 million?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-68029686285320768372007-07-20T02:56:00.000+01:002007-07-20T02:56:00.000+01:00"Buyers who take out Alt-A loans are supposedly le..."Buyers who take out Alt-A loans are supposedly less risky, but they submit little documentation to prove it."<BR/><BR/>As sound bites go, this is a beautiful way to describe Alt-A.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-14229541851628168882007-07-20T01:09:00.000+01:002007-07-20T01:09:00.000+01:00>>>>The first thing that I noticed is that you men...>>>>The first thing that I noticed is that you mentioned only the negatives of the article. Why don't you also quote what Ramirez said about "Indymac is grabbing marketshare as competitors go out of business"...or..."If they survive, Indymac will be in great shape." He also hinted at the fact that because of our access to capital we have a good chance at making it through.<BR/><BR/>As an employee of Indymac I think your post is highly inaccurate and unsupportive. I am a strong housing bear and I believe that we are in for some very rough times. The fact is, as a highly regulated FSB,investors will conitue to pay a premium for our loans. Indymac also does construction loans, commercial loans and investments. We have over 2 billion in liquid cash my friend.<BR/><BR/>Your post is indicative of a brash, uninformed soul that only cares about getting his point across. Why don't you post a link so readers can read the entire article and choose for themselves???<<<<BR/><BR/>instead of trolling on this blog, shouldn't you be looking for another job?..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-64427911002400652072007-07-20T00:40:00.000+01:002007-07-20T00:40:00.000+01:00To be fair, most private employees in a capitalist...To be fair, most private employees in a capitalist system, especially those who work for corporations, are aiding a corrupt system. Very few escape being tainted. You can trace almost any corporate endeavor or occupation back to something awful.<BR/><BR/>No one wants to believe that their livelihood comes from misery, destruction or exploitation but they almost all do.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-66913765917855766892007-07-20T00:39:00.000+01:002007-07-20T00:39:00.000+01:00why would a bank loan funds to someone who it susp...why would a bank loan funds to someone who it suspects will not be able to pay the loan off? i realize it is all just computerized numbers on a page, but, my question is i guess, are we at the end of the building boom that started after ww2? it would appear that the home building companies have run out of responsible buyers to purchase their homes that they build on spec, etc. what does this mean? it means the middle class is dying. the middle class is disappearing. the middle class is swamped with bills and debts as it works overtime to try and pay for the everyday needs of living. these people who bought these homes were apartment dwellers for the most part, who should never have been allowed to buy homes. so i ask. why were they allowed to do this at this time? what is the real purpose of this? they couch it all in the vanacular of trying to help the poor establish themselves as home owners and participate in the american dream. but the fact is that many cannot and will never be able to , buy and pay for a home. it is not their fault more or less. the jobs in this country do not pay that well. the illegals continue to come over the border at a rapid pace. the manufacturing jobs have for the most part, already disappeared. it is dusk in the day of america now. the sun is going down. and instead of addressing this problem, we watch baseball, go out and eat, watch stupid movies and pretend we are free. we have become a sorry lot. our founding fathers would have been very disappointed in us as a nation and a people.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-77434317760141176452007-07-20T00:19:00.000+01:002007-07-20T00:19:00.000+01:00When I purchased a house in Phoenix in 2004, there...When I purchased a house in Phoenix in 2004, there was a mix up and delay when IndyMac bought my loan from the builder. As I was making payments to the builder, I started to get collections calls, from persons with heavy accents from India. Yes, collection calls from India. If there is a staff build up for collections, it would problaby be in India and not here in the states.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-22668364469717809212007-07-20T00:10:00.000+01:002007-07-20T00:10:00.000+01:00I am in San Francisco this week, and they are all ...I am in San Francisco this week, and they are all patting themselves on the back that condo/housing prices are still going up in SF. . .but. . .I count about 10 huge (40 story) condo projects, and can't figure out who will fill them. . .are there THAT many Google employees who reverse commute?? Me thinks that SF is about two years behind Miami and San Diego (which are in freefall). . .we will see. . .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-57640023945582131042007-07-19T23:47:00.000+01:002007-07-19T23:47:00.000+01:00I have had 2 job seekers in my office this week wh...I have had 2 job seekers in my office this week who worked for real estate mortgage brokers in Phoenix.<BR/><BR/>Usually I cant find anyone to fill inside sales slots who are educated and can pass a piss test.<BR/><BR/>They didn't even flinch at the starting pay, LOL. <BR/><BR/>Over the last 5 years I have been short handed and my employees know they have me by the balls because it is so difficult to find good help. Now, the tide is turning.Anonymousnoreply@blogger.com