Indy
Mac
What in heck is ol' Schmucky going off about this time???? And it ain't even Saturday yet !!!
Posted on 07/11/2008 5:42:43 PM PDT by kristinn
Sen. Charles Schumer on Friday blamed IndyMac Bancorp Inc's (IMB.N: Quote, Profile, Research) failure on its main regulator, the Office of Thrift Supervision, and said it should start doing its job.
"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," said Schumer, a Democrat from New York. "OTS should start doing its job to prevent future IndyMacs."
(Excerpt) Read more at uk.reuters.com ...
Feds Cite Schumer in Collapse of Indymac
An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.
SNIP
schumer’s gonna mess all over.
Excellent work Chuck, that 9% rating can't go anywhere but up!
See Snow's remarks on Fannie and Freddie being "run like hedge funds".
The Dems in action.
Gee, Charlie...I thought Democrat whiners like you were all in favor of requiring lenders to make home loans to “the poor,” who had no job and no money. That’s the Dems idea of “the American dream,” isn’t it? Now, it’s everyone else’s fault that these loans went bad, as anyone with half a brain knew they would.
from the wsj online
Mr. Schumer quickly fired back.
“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,” Sen. Schumer said. “Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs.”
he CAUSED this problem encouraging junk loans to ‘victims’ that could not afford to pay them - now he wants to fix it???
The Community Reinvestment Act and various other relevant legislative acts are the work of Congress, dear Mr. Schumer.
Only if the media plays along. What do you think the odds are on that?
Democrats will get away with whatever they want.
only as long as they are allowed to.
Where did this come from?
Mac What in heck is ol' Schmucky going off about this time???? And it ain't even Saturday yet !!!
This is a made to order sure fire political victory for the Rats and the Repubs will be running for whatever holes they can find to hide in.
We are going to see a lot of this happen from now till November. This will knock the fuel costs right off the front page.
I bet the Rats will have no less than 70 Senate seats and 300 House seats with Osama in the White House come this January. They will portray themselves as saviors from "8 years of evil Republican rule" ... I can hear it now.
The housing boom was the wild west, and IndyMac was as wild as they came. Loosey goosey with trivial things like income and credit scores. They handed loans out to deadbeats and illegals by the tens of thousands. And now you and I have to bail their asses out. Don’t ya just love our “free market” system!
And which political party was pushing lenders like Indymac and Countrywide to make loans to “disadvanteged” buyers or else have much more government control?
they are playing a dangerous high-stakes game - from the wsj online on the freddie/fannie predicament:
After a week of near panic among shareholders of the two companies — and a stomach-churning day on Wall Street Friday — the next big test will come Monday when Freddie Mac is due to sell $3 billion of short-term debt. An unsuccessful sale could be a major blow to investor confidence.
...
High Anxiety
Monday's auction comes at a time of huge anxiety. Fannie and Freddie sell tens of billions of dollars of short- and long-term debt each month and use the proceeds to finance their purchases of mortgages from banks. If they were unable to replace maturing debt for an extended period, they would have to stop buying mortgages and eventually sell home loans and securities they hold in their portfolios. That would be likely to send consumer mortgage interest rates soaring.
problem is - i don’t think there is enough money to bail out a meltdown - and i doubt anyone wants to buy our bonds to bail us out
Maybe Chuck or his pals had a short in on IndyMac before the letter went out.
Here is a big factor in our current credit crisis:
The Sarbanes-Oxley Act of 2002 is mandatory. ALL organizations, large and small, MUST comply.
Introduction
The legislation came into force in 2002 and introduced major changes to the regulation of financial practice and corporate governance. Named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, it also set a number of deadlines for compliance.
The Sarbanes-Oxley Act is arranged into eleven titles. As far as compliance is concerned, the most important sections within these are often considered to be 302, 401, 404, 409, 802 and 906.
An over-arching public company accounting board was also established by the act, which was introduced amidst a host of publicity.
http://www.soxlaw.com/index.htm
He didn’t say that. He said people who knowingly spread false rumors intending to bring a company down should go to jail. As well they should, for it is securities fraud and manipulation of the market.
Most of the public will never hear what Schumer did. Many more will not understand the implications of Schumer’s actions as it relates to investor confidences.
Once again the senior senator of my home state proves why he is the worst senator in United States history.
This is serious stuff going on right not. We need to keep our heads, NOT panic, and work through the bad loans in an orderly fashion. Many banks will go under, but the system can survive. It will take years for the financials to come back, and when they do they will look more like old fashioned banks with sound lending practices. If panics, like the one Schmucky started in one bank, spread to to many banks at one time, the system cannot handle it. I hope the Dems don't treat this problem like they treated Iraq, and work to make it worse, because if they do, they could make things very bad.
And yet I turn on the tv..scan the various cable channels and hear...NOT ONE WORD ABOUT THIS.
And the Senate overwhelmingly voted to pass the awful foreclosure bailout bill..
fdic has about 53 billion right now - this is estimated to take up to 8 billion - how much to clean up freddie/fannie if they go under?
i am curious about this
http://www.breitbart.com/article.php?id=080611191859.nuh1mqoo&show_article=1
A key advisor of Democratic presidential candidate Barack Obama resigned Wednesday after news reports suggesting a past conflict of interest in obtaining a home mortgage.
...
On Saturday the Wall Street Journal reported that Johnson had received preferential home loans from scandal hit lender Countrywide Mortgage while he led Fannie Mae, which provides billions of dollars of cash to the home loan industry.
http://www.cfo.com/article.cfm/8447890/c_8443671?f=home_todayinfinance
Feds Charge Three Ex-Fannie Mae Execs
The former CEO, CFO, and controller face 101 civil charges related to the mortgage giant’s $7.9 billion accounting scandal.
was johnson there when the books were cooked? did he get a bonus?
not saying there is a connection - just curious
I heard Senator Dodd interviewed on the CBS radio news this afternoon decrying the 'mortgage mess'.
I guess they didn't have time to question him on his sweetheart deal with Countrywide, did they?
I heard Senator Dodd interviewed on the CBS radio news this afternoon decrying the 'mortgage mess'.
I guess they didn't have time to question him on his sweetheart deal with Countrywide, did they?
Could the media be more complicit in the political crimes in this country?
The only entity which can call the democrats out is the national media, and they will not.
The alternative media can scream until they're blue in the face, but nothing will result until the MSM not only acknowledges the issue, but beats it like a drum, given it 'legs' among the squishy middle. This they will never do.
Weren't you around for Rathergate?
http://corner.nationalreview.com/post/?q=NWM3MDFkM2QwNzRjODk3NWZhZTc3OGIxNDQ4Nzc2NDc=
...But just take a look at Jim Johnson, the former Fannie Mae chief Obama has also chosen for the job. More specifically, look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.
...
200+ ‘investigations’ of bush since the democrats took control of congress - zero on this
whatever happened with that difi/milcom thing?
I thought we were talking about holding democrat politicians responsible, not over the hill, eccentric newsmen.
Anyway, yes, I was around for Rathergate. I also was around when the media brought down a president by pounding a relatively minor event for nearly 9 months until the public finally 'caught on' & began to care.
Likewise, I was around when a sitting president was found to have diddled an unpaid intern in the Oval Office, obstructed justice, lied under oath, was impeached and disbarred, and not only kept his office, but remained a relatively popular figure. Much more popular than the man investigating him.
No, I have absolutely NO faith that justice will be served in the current environment.
Boy, they're doing a bang up job.
man, you’re old.
Yeah, but I’m still fast.
I can tell you that people are running to banks they can trust like Wells Fargo with their AAA rating.
It is manageable, but with the nitwits who are running for President, and the even greater morons running the Congress, I am worried that it could go south with the slightest provocation. The best case scenario is a market that continues down for some time, bottoms and trades sideways for a while. We need to avoid a sudden rash of failures that strains the system and causes panic. It must be spread out over 6 months to a year. Financials need some time to absorb and restructure the losses, and then the entire market can be on more healthy ground. But there are a lot of things that could cause the situation to get worse, way worse.
I have considered loading up on BofA, Goldman Sachs, Wells Fargo and a few others of the good ones, the ones that will survive. But this will last a while yet, and I need to be liquid and flexible. I will probably regret it in a few years, when I realize I could have had a 300 percent gain on those stocks, but right now, safety is key. Not too long ago, I thought Lehman was pretty safe. It, and Wachovia, and WaMu, are all in danger.
Goldman Sachs $362,550
JPMorganChase $311,604
Morgan Stanley $169,450
Citigroup $146,250
.
.
IndyMac Bank $0
IndyMac does not even have a registered lobbyist in Washington, DC.
This stinks to high heaven, folks. Chuck Schumer has been shaking down all the big banks and investment banks for hundreds of thousands of dollars. It appears that IndyMac did not play along. So he shut it dowm.
All part of the dance, nobody believes the fleshy white Dodd has a chance.
It's a charade, so that one day his obit will read, 'considered for VP'.
That's how these contemptible idiots think.
it's spelled SCHWULER!!!
Not sure about Johnson but i do know that former Chairman and CEO Franklin Raines made $$$Millions.
Gotta pay top dollar for that kinda talent dontcha know!!
Nah, it won’t happen. Dems tend to overplay their hand. They might gain 4 to 5 in the Senate, but they will lose 10 to 12 in the House. And as far as we are concerned BHO is toast.
Schmucky Schumer. The ultimate snake oil salesman.
well that top talent was worth $6-7 million - no wait - it was $21 million - and where is fannie mae now? teetering
top talent at an oil company - they are demonized - where are the oil companies? record profits
so here is where we stand - successful oil companies are evil
failing gsm (that we will have to bail out) are wonderful government institutions - and we are to ignore the fact that jim johnson tried to hide that he made $21 million
twilight zone
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