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Will anyone replace Indy Mac as the leader in Construction to Perm Loans

On day 2 of the Indy Mac meltdown, customers in California had lined up at midnight outside local branches waiting for the bank to open to withdraw their money. Police were needed to control the crowds. Federal Deposit Insurance protects any account up to $100,000, or $250,000 if it's a retirement account. Anything over $100,000 should simply be put in different banks, with no more than $100,000 in any one bank. And federal regulators say banks being taken over are still a rare occurrence. I am amazed at some people who put more than $100,000 in one account and will lose those monies because the FDIC only insures $100,000.

IndyMac has been bleeding deposits ever since Sen. Charles Schumer of New York questioned its viability June 27. Over the next 11 days, depositors withdrew $1.3 billion, forcing its closure on Friday by the Office of Thrift Supervision.

While some blamed Schumer for starting a run on the bank, Schumer blamed IndyMac for making ridiculous loans and regulators for looking the other Now New Yorkers are starting to worry. Shares in regional banks and thrifts also plunged on Monday, partly in reaction to IndyMac and partly on fears that bank earnings, which come out over the next few weeks, could be worse than previously expected. The biggest loser was Washington Mutual, down 34.7 percent.

Wachovia, National City, Regions Financial and Sovereign Bancorp - all among the nation's largest 25 banks and thrifts by assets - fell 14 to 16.5 percent each. The FDIC tried to calm down the situation by stating the following. Work with borrowers "We will evaluate them on a case-by-case basis," says FDIC spokesman Andrew Gray.

"Our goal is to work with borrowers who want to stay in their homes. We will aggressively pursue loan modifications that are long-term and sustainable for borrowers facing difficulty." FDIC Chairwoman Sheila Bair has been pushing lenders to modify more loans for struggling borrowers who want to stay in their homes. Other borrowers are expected to continue repaying their loans to IndyMac as usual. However, "if they have a loan and uninsured money at the bank, they can use the uninsured money to repay all or a portion of their loan," FDIC spokesman David Barr says. The bank's 33 branches in Southern California remain open under FDIC supervision.

IndyMac also had about 90 loan offices around the country, including one in San Ramon, Barr says. IndyMac shut most of those offices early last week, and the FDIC does not plan to reopen them. Normally, when a bank or thrift fails, the FDIC finds a healthy institution to take it over. The bank closes on a Friday and reopens on Monday as a branch of the healthy institution.

That didn't happen this time. IndyMac reopened as a new bank, but under federal supervision. "Generally, the larger banks are handled this way," Barr says.

The FDIC still plans to seek a buyer for all or parts of IndyMac. IndyMac also owned Financial Freedom, one of the oldest and largest reverse-mortgage lenders. Is your money safe in the bank? Is this another S & L crisis in the making? Please give your thoughts?.

F. Lanni is a Top Producing Realtor in The Million Dollar Club http://orlandoreunionresorthomes.com

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