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Chaotic scenes at Indymac Bank

dysentry

Alfrescian
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Will we ever see a bank run in Singapore?

"Fears over the impending collapse of Indymac last week saw a massive run on deposits as frightened customers looked to withdraw cash. Amid chaotic scenes, customers pleaded with staff to be allowed to enter the bank after it shut its doors. One woman leant on the locked doors, pleading with a teller: 'Please, please, I want to take out a portion.' "
 

dysentry

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In one year, the bank's shares dropped from $28 to 28 cents...

July 13, 2008
IndyMac bank seized by US amid intensifying crisis
LOS ANGELES - FEDERALLY-SEIZED IndyMac Bank was due to reopen Monday after suffering one of the biggest bank closures in United States history, as the troubled US mortgage industry struggles to stem further meltdown.

The regulatory Office of Thrift Supervision (OTS) announced on Friday it had placed the California-based bank, worth an estimated US$32 billion (S$43 billion), under the control of the Federal Deposit Insurance Corporation (FDIC).

The mortgage lender, which will reopen as IndyMac Federal Bank, marked the largest bank failure in a year of mortgage and foreclosure crisis highlighted by a surge in defaults and a plunge in housing prices which are rippling through the US economy.

The FDIC stressed on Saturday that it was seeking to return the bank to private operation within a few months.

'When we reopen Monday, we will begin the process of marketing this bank to try to get it back into the private sector. We expect that to take about 90 days,' FDIC spokesman David Barr said on CNN television.

Mr Barr said the FDIC had already fielded more than 9,000 calls from panicky customers wondering if their money was safe.

FDIC guarantees 100 per cent of personal investments up to US$100,000.

The bank was the fifth FDIC-insured failure of the year, and is expected to cost the FDIC between four and eight billion dollars, wiping out as much as 10 per cent of its US$53-billion Deposit Insurance Fund.

OTS regulators said the closure was prompted by withdrawals of US$1.3 billion made by the bank's customers since June, when doubts were raised publicly about the bank's long-term viability.

'The institution failed today due to a liquidity crisis,' OTS director John Reich said on Friday.

The decision had been anticipated after IndyMac's share price collapsed.

The bank's stock, which traded at more than US$28 per share one year ago, closed on Friday at just 28 cents per share.

The company announced in the past week it had halted lending and was planning to shed 3,800 jobs, more than half of its work force.

At its peak in 2006, the company, which had been reeling under the foreclosure crisis, employed 10,000 people. The latest layoffs would have reduced the work force to around 3,400.

IndyMac's woes came as US mortgage finance giants Fannie Mae and Freddie Mac were being pushed to the brink as a meltdown in their share prices in the past week raised fears of a government bailout.

The government-chartered, shareholder-owned Fannie Mae and Freddie Mac underpin some US$5 trillion in home loans.

In volatile trade on Friday, shares plunged some 50 per cent for both firms before a partial recovery. Freddie Mac ended with a loss of three per cent and Fannie was down 22 per cent, but both have lost around 75 per cent since the start of the year.

The two firms said separately that they were 'adequately capitalised' and had ample liquidity despite swirling market fears, while Treasury Secretary Henry Paulson on Friday offered no indication of imminent intervention.

'Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission,' Mr Paulson said.

IndyMac bank had been sent into freefall after comments by Democratic Senator Charles Schumer last month concerning the bank's health prompted a flood of withdrawals by panicked customers.

Mr Schumer had sent letters to federal regulators, quoted in the Wall Street Journal, saying he was 'concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac'.

The OTS's Reich said in the newspaper that Mr Schumer's comments gave the bank 'a heart attack'.

Mr Schumer quickly responded: 'If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today,' the Journal quoted him as saying.

Reports said IndyMac's collapse was the second biggest in US history behind the 1984 failure of the US$40-billion Continental Illinois Bank. -- AFP
 

SammyHulk

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Loyal
Will we ever see a bank run in Singapore?

"Fears over the impending collapse of Indymac last week saw a massive run on deposits as frightened customers looked to withdraw cash. Amid chaotic scenes, customers pleaded with staff to be allowed to enter the bank after it shut its doors. One woman leant on the locked doors, pleading with a teller: 'Please, please, I want to take out a portion.' "

Hope not but imo think e chance is beri low in sg though not possible. Take e escape of Mas n u noe wat i mean.:cool:
 

Adidas

Alfrescian
Loyal
i dun think we will see those type of cases/incidents here.
our government has put in a lot of rules,regulations and precautions to prevent these type of things eg banks here have to put aside a certain amount for emergency purpose.

this is just my personal opinion.
 

Mighty Megatron

Alfrescian
Loyal
i dun think we will see those type of cases/incidents here.
our government has put in a lot of rules,regulations and precautions to prevent these type of things eg banks here have to put aside a certain amount for emergency purpose.

this is just my personal opinion.

True but don't think it is enough to stem the flow if there a run on one of our major domestic bank. Sounds safe in theory but ...
 
L

lifesux

Guest
it's quite a scary thought, i better put my money under my pillow :P
 

storm

Alfrescian
Loyal
Sigh, thats the issue about US. They are having recession and yet they trying to pretend they are still strong. The more they tried to hide, the worse the situation will be in the end.

I will say, let it all collapse, and start again.
 

dysentry

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<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/In9rbjeH1-4&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/In9rbjeH1-4&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>
 

JohnTan

Alfrescian (InfP)
Generous Asset
That will never happen in Singapore. PAP has put in place prudent measures to ensure our local banks do not over-leverage. You sinkies should be thankful that Ah Gong was insistent on our government not running deficits, unlike western countries and institutions, where deficits are the norm.
 

halsey02

Alfrescian (Inf)
Asset
Will we ever see a bank run in Singapore?

"Fears over the impending collapse of Indymac last week saw a massive run on deposits as frightened customers looked to withdraw cash. Amid chaotic scenes, customers pleaded with staff to be allowed to enter the bank after it shut its doors. One woman leant on the locked doors, pleading with a teller: 'Please, please, I want to take out a portion.' "

The bank run I have encountered was the Chung Khiaw Bank one.....my many Lunar New Year ang pow money ( lai see $$) was deposited into an account with them...:biggrin:
 

greedy and cunning

Alfrescian
Loyal
That will never happen in Singapore. PAP has put in place prudent measures to ensure our local banks do not over-leverage. You sinkies should be thankful that Ah Gong was insistent on our government not running deficits, unlike western countries and institutions, where deficits are the norm.

:mad::mad::mad::mad:

you sillypootian and cocksucker should wake up

Singapore recorded a Government Debt to GDP of 104.70 percent of the country's Gross Domestic Product in 2015

secondly , no budget deficits just means that the govberment is not spending enough on welfare.
 

SGP_tiaolao

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Loyal
https://www.fdic.gov/bank/individual/failed/IndyMac.html


Failed Bank Information

Information for IndyMac Bank, F.S.B., and IndyMac Federal Bank, F.S.B., Pasadena, CA

Introduction
Press Release
Acquiring Financial Institution
Question and Answer Sheet
En Español
Chinese Language Version - PDF**
Banking Services
Loan Customers
Unclaimed Deposits
Possible Claims Against The Failed Institution
FAQ re IndyMac "No Value" Determination
Priority of Claims
Dividend Information
Brokered Deposits (Institutional Brokers)
Agreements
Purchase and Assumption Agreement - PDF**
Master Purchase Agreement by and among FDIC as Conservator for IndyMac Federal Bank, FSB and IMB HoldCo LLC, and OneWest Bank Group LLC - PDF**(5.3 MB)
Loan Sale Agreement Between the FDIC as Receiver for IndyMac Federal Bank, FSB and OneWest Bank, FSB - PDF**(3.5 MB)
Shared Loss Agreement Between the FDIC as Receiver for IndyMac Federal Bank, FSB and OneWest Bank, FSB - PDF
Servicing Business Asset Purchase Agreement by and between the FDIC as Receiver for IndyMac Federal Bank, FSB and OneWest Bank, FSB - PDF
Reverse Mortgage Business Asset Purchase Agreement - PDF (37.6 MB)
Reverse Mortgage Shared Loss Agreement - PDF (3.55 MB)
Bid Summary
IndyMac Bank, F.S.B., Contact Information
Balance Sheet Summary
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
I.**Introduction

On March 19, 2009, the Federal Deposit Insurance Corporation (FDIC) completed the sale of IndyMac Federal Bank, FSB, Pasadena, California, to OneWest Bank, F.S.B., Pasadena, California.* OneWest Bank, FSB is a newly formed* federal savings bank organized by IMB HoldCo LLC.* All deposits of IndyMac Federal Bank, FSB have been transferred to OneWest Bank, FSB.
On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the FDIC was named Conservator.**All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA "assuming institution") a newly chartered full-service FDIC-insured institution.**No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution.**Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.**The FDIC has compiled the following information which should answer many of your questions.

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II.**Press Release

The FDIC has issued the following press releases (PR-56-2008, PR-42-2009) about the institution's closure.**If you represent a media outlet and would like information about the closure, in California, please contact David Barr with the Office of Public Affairs at 202-898-6992, in Washington D.C. please contact Andrew Gray at 202-898-7192.

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III.**Acquiring Financial Institution

On March 19, 2009, all deposits of IndyMac Federal Bank, FSB were transferred to OneWest Bank, FSB, (OneWest Bank) Pasadena, California.
On July 11, 2008, all non-brokered insured deposit accounts were transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA ("assuming institution") a newly chartered full-service FDIC-insured institution.**The OTS appointed the FDIC conservator of IndyMac Federal Bank.**All insured deposit accounts will be available as usual during regular business hours starting July 14, 2008.
Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000.**You will receive full payment for your insured account.**Certain entitlements and different types of accounts can be insured for more than the $100,000 limit.**IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage.*If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling 866-806-5919. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
List of Affidavits, Declarations, and Forms available for download
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate.**This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of IndyMac Bank, F.S.B.**This means that you will eventually recover some of your uninsured funds.**The FDIC declared a 50% advance dividend for uninsured deposits.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
To find out more about FDIC Deposit Insurance:
Visit EDIE the FDIC's Electronic Deposit Insurance Estimator
View the FDIC Deposit Insurance Coverage Video
You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with IndyMac Federal Bank.**A hold may be in place on deposits accounts due to delinquent loans where the depositor is the borrower or guarantor.* Additionally, any account pledged as collateral for a loan will be held.

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V.**Banking Services

On March 19, 2009 there was no break in services.
As of July 14, 2008 you may continue to use the services to which you previously had access, such as, online service, safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual.**All outstanding checks will be paid against your available insured balance(s) as if no change had occurred.**IndyMac Federal Bank will contact you soon regarding any changes in the terms of your account.**If you have a problem with a merchant refusing to accept your check, please contact IndyMac Federal Bank, Customer Service Department, at 800-998-2900.**An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, will be paid at your same rate.**IndyMac Federal Bank will be reviewing rates and will provide further information soon.**You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to IndyMac Federal Bank.**If you have any questions or special requests, you may contact a representative of your assuming institution at 800-998-2900.

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VI.**Loan Customers

If you had a loan with IndyMac Bank, F.S.B., you should continue to make your payments as usual.**The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution.**Checks should be made payable as usual and sent to the same address until further notice.
For all questions regarding new loans and the lending policies of IndyMac Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website at www.IndyMac.com.

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VII.**Unclaimed Deposits

Please note that any deposits that have not been claimed within 18 months of the failure of Indymac Bank was sent to the FDIC by One West Bank. If the FDIC is unable to locate the deposit customer, the unclaimed funds will eventually be escheated to the state or according to Federal Law (12 U.S.C., 1822(e)).
FDIC Unclaimed Deposits
1-877-875-4821 Option #2
Hours of Operation - Pacific Standard Time
Monday through Friday, 8:00 a.m. – 5:00 p.m.

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VIII.**Possible Claims Against the Failed Institution

Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
SUMMARY: The FDIC, by its Board of Directors, has determined that insufficient assets exist in the receivership of IndyMac Bank, F.S.B., Pasadena, California and the receivership of IndyMac Federal Bank, FSB, Pasadena, California to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The Board made its determination on November 12, 2009.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, contact Thomas P. Bolt, Counsel, Legal Division, (703) 562-2046 or [email protected]; Shane Kiernan, Senior Attorney, Legal Division, (703) 562-2632 or [email protected],
Federal Deposit Insurance Corporation
3501 N. Fairfax Drive
Arlington, VA 22226
SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, California ("IndyMac Bank") (FIN # 10007) was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its receiver. In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. 1823(c)(4)), the FDIC effected a pass-through receivership. Accordingly, the FDIC organized IndyMac Federal Bank, FSB, Pasadena, California ("IndyMac Federal"), a new federal savings bank for which the FDIC was appointed as conservator. IndyMac Bank's assets were transferred to IndyMac Federal under an agreement whereby the amount (if any) realized from the final resolution of IndyMac Federal after payment in full of IndyMac Federal's obligations was to be paid to the IndyMac Bank receivership. On March 19, 2009, IndyMac Federal was placed in receivership and substantially all of its assets were sold. The amount realized from the resolution of IndyMac Federal is insufficient to pay all of its liabilities, and therefore there will be no amount to pay to the IndyMac Bank receivership.
Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. The FDIC has determined that the assets of IndyMac Bank are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. The FDIC has also determined that the assets of IndyMac Federal are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value.
Federal Register / Vol. 74, No. 221 / Wednesday, November 18, 2009 / Notices 59541
FAQ re IndyMac "No Value" Determination

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IX.**Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
Depositors
General Unsecured Creditors
Subordinated Debt
Stockholders

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X.**Dividend Information

When IndyMac was placed into Conservatorship in July of 2008, the FDIC calculated that the ultimate resolution of IndyMac would result in a recovery of approximately 50% of the uninsured deposits of IndyMac. Based upon that estimate, an advance dividend in that amount was paid to the uninsured depositors at that time. The announced sale of IndyMac to IMB Management Holdings is consistent with the original estimate and no additional dividend will be paid as a consequence of this sale.
While no dividends for the uninsured depositors are anticipated at this time, the FDIC will continue to periodically re-assess the financial condition of the receivership to determine if there is additional cash for dividend distributions.
Dividend History on IndyMac Bank, F.S.B.
Dividend Information on Failed Financial Institutions

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XI.**Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.**This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.
Deposit Broker Processing Guide

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General Disclaimer
 
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