And some people say I’m over reacting…
Government might bail out Fannie, Freddie
“If there is something seriously wrong, I really don’t know what happens. We’ve never seen anything like this before,” he said.
The congressionally chartered companies are considered the last bastions of support for the U.S. housing market, which is suffering its worst downturn since the Great Depression.
Disgusting that they’re bailing out people who got screwed because of a combination of greed, incompetence and rampant stupidity.
IndyMac, which once employed 10,000, fell prey to a classic run on the bank, and regulators singled out Sen. Charles E. Schumer (D-N.Y.) as having helped to fuel massive withdrawals. On June 26, Schumer said in letters to the FDIC, the OTS and two other federal agencies that IndyMac might have “serious problems” with its loan holdings.
“I am concerned that IndyMac’s financial deterioration poses significant risks to both taxpayers and borrowers,” he wrote. The bank “could face a failure if prescriptive measures are not taken quickly.”
That public warning prompted depositors to pull $1.3 billion out of accounts between June 27 and Thursday.
IndyMac Bank seized by federal regulators
Chuck Schumer is Chairman of the Democratic Senatorial Campaign Committee. Take a look at some of the DSCC’s top donors so far :
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.
But that has just GOT to be a coincidence… right?