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IndyMac...and Cheese

  • #1
  • First Post: Jul 11, 2008 9:22pm Jul 11, 2008 9:22pm
Quote
July 11 (Bloomberg) -- IndyMac Bancorp Inc. became the second-biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash.

http://www.bloomberg.com/apps/news?p...lk8&refer=home

Some depositors got a huge chunk of blue fromage today learning that IndyMac n' cheese is now belly up.

The ATM will work, but not the phone or the site until Monday. If you're American, I'm sorry to announce to you that the FDIC will piss away between $4 and $8 billion of your money in this mess. Or so it's been reported. It always amazes me when a crack team of economists can't figure out how much they're in the hole for. A $4 billion gap would be pretty obvious in any budget.

Another chapter in the liar loans saga!

Now that Indy is down, I'm waiting for Freddie to go down as well. I wonder if Jim Cramer will tell people to hold on to Indy, Freddie and Fannie's stock like he did Bear Stearns.
Not all sins are created equal
  • #2
  • Jul 11, 2008 10:40pm Jul 11, 2008 10:40pm
Quoting Jay Walker
http://www.bloomberg.com/apps/news?p...lk8&refer=home

Some depositors got a huge chunk of blue fromage today learning that IndyMac n' cheese is now belly up.

The ATM will work, but not the phone or the site until Monday. If you're American, I'm sorry to announce to you that the FDIC will piss away between $4 and $8 billion of your money in this mess. Or so it's been reported. It always amazes me when a crack team of economists can't figure out how much they're in the hole for. A $4 billion gap would be pretty obvious in any budget.

Another chapter in the liar loans saga!

Now that Indy is down, I'm waiting for Freddie to go down as well. I wonder if Jim Cramer will tell people to hold on to Indy, Freddie and Fannie's stock like he did Bear Stearns.
I doubt Fannie and Freddie will capsize. They've raised about $20bio between the two of them in the last couple of months. Even Citibank has come out saying that they're standing pat on Freddie and Fannie. Will it become grim and dear? Of course! But I don't quite think they'll completely capitulate. We'll probably see some consolidation between the too as well.

What I want to hear about is how Sallie Mae is gonna take all this current turmoil. How it'll spill over into their pots too?
Never underestimate the powers of the Force.
  • #3
  • Jul 12, 2008 6:14am Jul 12, 2008 6:14am
Quoting The Jedi
I doubt Fannie and Freddie will capsize.
Fannie... that name keeps making me want to ... I guess it is a cultural thing.

Apologies for the thread hijack... go on about your serious business now.
  • #4
  • Jul 12, 2008 7:00am Jul 12, 2008 7:00am
Quote
Fannie... that name keeps making me want to...

Yea, seems like Fannie's about to get a bit of a spanking, eh?
  • #5
  • Jul 12, 2008 8:29am Jul 12, 2008 8:29am
what's with the names by the way ? there's Sally Mae too, right ?

why are all these companies using Mac and Mae in their names ?


looks like a worldwide depression is coming in a few short years..............yahoo..........woohoo..........
  • #6
  • Edited 1:00pm Jul 12, 2008 12:44pm | Edited 1:00pm
Quoting Marrethiel
Fannie... that name keeps making me want to ... I guess it is a cultural thing.
Sorry Marrethiel. By the way, is there some way to get some Tim Tams from you It's been years since I've done the Tim Tam slam

Quoting Rabid
Yea, seems like Fannie's about to get a bit of a spanking, eh?
Rabid, Marrethiel raised an eyebrow because in the land down under, fannie is the equivalent of saying a vulgar word that begins with a C normally used to describe a part of the female anatomy.

Sorry Marrethiel. By the way, is there some way to get some Tim Tams from you It's been years since I've done the Tim Tam slam



Rabid, Marrethiel raised an eyebrow because in the land down under, fannie is the equivalent of saying a vulgar word that begins with a C normally used to describe a part of the female anatomy.

Quoting findcount
what's with the names by the way ? there's Sally Mae too, right ?

why are all these companies using Mac and Mae in their names ?


looks like a worldwide depression is coming in a few short years..............yahoo..........woohoo..........
There's also Sally Jessy Raphael *shudders* and Mustang Sally. But I digress.

Freddie Mac is not related to i Mac or Big Mac. It's actually is the Federal Home Loan Mortgage Corporation or FHLMC.

Fannie Mae (sorry again Marrethiel) is Federal National Mortgage Association or FNMA.

Sallie Mae is nowhere near as much fun as Mustang Sally. It's actually SLM corporation.

Somehow, the names where derived from the acronyms. I guess before ppl got nto txting, they likd fll names betr (I hate texting by the way but that's for another rant).

Doesn't make much sense I know. They could just as well be publicly known as FHLMC, FNMA and SLM. But looking at it now, it seems just as logical as their accounting practices.
Not all sins are created equal
  • #7
  • Last Post: Jul 13, 2008 5:26pm Jul 13, 2008 5:26pm
Quoting Jay Walker
Sorry Marrethiel. By the way, is there some way to get some Tim Tams from you It's been years since I've done the Tim Tam slam
I'd be happy to send you some but would they get through customs?
You can bite the end of them and use as a straw while drinking coffee too.
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