Run on IndyMac turns tense in Encino
From LATimes.com this morning: "Los Angeles police were dispatched to an IndyMac branch in Encino this morning when customers waiting to withdraw money became agitated after several people tried to cut in line on the second day of the failed institution's federal takeover. Police told customers to remain calm or face arrest as they tried to withdraw their money."
The story says people lined up at the Encino branch of IndyMac Federal at 1:30 a.m. today.
Bloviation: These are unusual times -- police called to maintain order at a failed bank in a relatively wealthy section of Los Angeles? Think of the events of the last 10 days or so -- the death of IndyMac as a mortgage lender, its failure as a bank, the run on the bank yesterday and today, the crisis of confidence in Fannie and Freddie, the Fed's new rules banning certain mortgage products. These are not consistent with bringing confidence, and buyers, into the housing market. These are consistent with caution and financial fear.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo credit: L.A. Times
We have been talking about this for a year now. We told each others to be ready for the worst,everyday on this blog, we all saw it coming, we all heard the lies since last August from Paulson. So,thank you Patrick, Calculatedrisk and Nounou Teddy Bear Roubini. GELSON is empty, where is everybody ????
Posted by: CD | July 15, 2008 at 05:38 PM
"Are you sure Indymac had 11% non-performing loans????"
That's what was reported on both NBC and PBS's "Nightly Business Report." I'm just repeating what they said. And note I said nearly 11 percent; I think the actual figure was 10.68 percent.
Posted by: Jack | July 15, 2008 at 07:12 PM
it's kind of sad though, that all the indymac patrons are running into wamu for new accounts; little do people know that wamu is headed the same way as indymac... hopefully not though, my money is in wamu too.
Posted by: anthony michaels | July 15, 2008 at 10:00 PM
Sheesh, it feels so, so good to be so, so right.
Posted by: RO | July 15, 2008 at 10:03 PM
Black Monday....
history does repeat itself....
and what goes up must come down unfortunately... bull run markets are going to be followed by bears.
Posted by: Strawberryparfait | July 17, 2008 at 01:51 PM