FDIC halts foreclosure on IndyMac mortgages:

[Cat Damiano]

Mon Jul 14, 2008 7:09pm EDT
WASHINGTON (Reuters) - The Federal Deposit Insurance Corp has temporarily halted any foreclosures on the $15 billion of bank-owned mortgage loans found in IndyMac's portfolio, FDIC Chairman Sheila Bair said on Monday.

Bair has scolded mortgage lenders for being too slow to help distressed borrowers restructure their home loans.

"Modified loans will be worth more than foreclosed loans," she said in an interview on CNBC television.

IndyMac, which the FDIC took over after it failed on Friday, had a $200 billion mortgage servicing portfolio.

Bair has repeatedly urged the mortgage industry to refinance loans rather than foreclose on properties when borrowers fall behind on their payments.

She said the "overwhelming majority" of U.S. banks are "safe and sound."

Capital levels are strong at U.S. banks, but she warned that the industry will see the number of troubled banks and failures grow in the coming months.

"The number is going to go up," Bair said. "Banks do fail and there's nothing unusual about that."

She declined to comment on a RBC Capital Markets report on Sunday that said 300 U.S. banks might fail over the next three years because of credit losses and tight capital markets.

But Bair said U.S. banks were well-positioned going into the credit crisis and will continue maintaining strong capital levels. "They're still in a very good position to weather it."

(Reporting by Karey Wutkowski; Editing by Tim Dobbyn)

[Steven]

It's good to see someone in that position coming out and making the point that modified loans are worth more to the banks than owning a bunch of empty foreclosed homes. The banks and investors need to see the light that it's better business for them to ramp up their efforts to keep owners in their homes than it is to foreclose.

If the banks get the feeling that the FDIC won't insure them or bail them out if they don't show that they've made an honest effort to maximize those investments by keeping the owners in their homes, then maybe they'll stand up and take notice. IndyMac might serve as a good example to some of these other lenders.

[civilguy]

FDIC is halting foreclosures and would modify loans rather than foreclose. Hmmm hopefully Chase gets taken over by the FDIC

[Andrew]

Yes in fact that is true I had called their this morning and that was the answer i received.

[DaveandBrandy]

Hello there,

Since the IndyMac Banks news, who would we contact in order to try to modify our loan with IndyMac at this time or should I wait to do anything?? Please inform as to what I need to do?

Thank You!

[indymacfighter]

DaveandBrandy:

Please review my previous posts with Cat, the moderator on this site. In our threads there is a wealth of information including direct lines and emails for the higher ups in Loss Mit. I am currently working on my mod with Indymac and everything was halted and postponed for at least 60 days.

Cat, please re-post on this thread all the emails if you can again for them.

Good Luck

Indymacfighter

[colahhh08]

Another 60 days of waiting for me!!

[indymacfighter]

My foreclosure and sale was postponed for 60 days not my mod.......I am getting great results on my mod.

Indymacfighter

[Cat Damiano]

Brandy,

Here is the comlplete list of contacts compiled and put together by both indymacfighter and I .........some of the emails may get kicked back..because of the takeover.......but we have found out that the majority are still working.............

Hope this helps.............

Indymac Bank
Default Risk Management
7700 W/ Parmer Ln
Building D 2nd Floor
Austin, TX 78729
1-877-908-4357
To speak with a Loan Counselor


Michael W. Perry
Chairman and Chief Executive Officer
Phone: 1(626) 535-5214

Richard H. Wohl
President, IndyMac Bank, F.S.B.
Phone: 1(626) 535-4874


Eric Friedman
SVP, Loss Prevention
Default Risk Management
Phone: 1-512-250-2776
Fax: 1-626-432-8802

Put your hardship letter into the body of an email and send it to each of the email addresses below........


michael.perry@imb.com (CEO)
blair.abernathy@imb.com (CFO)
richard.wohl@imb.com
lydia.kennard@imb.com
bruce.willison@imb.com
john.seymour@imb.com
terrence.hodel@imb.com
louis.caldera@imb.com
robert.hunt@imb.com
patrick.haden@imb.com
pamela.marsh@imb.com
brian.carter@imb.com
francisco.nebot@imb.com
john.olinski@imb.com
patrick.hymel@imb.com
frank.sillman@imb.com
drew.buccino@imb.com
eric.friedman@imb.com
mitch.oringer@imb.com

[spica825]

I wanted to thank Cat, IndyMacfighter, and all those who posted information regarding IndyMac. I followed up with them using the email addresses from these postings and received my "approved loan modification" this morning. They have been extremely responsive! I am extremely hopeful! Thanks again!!!

[indymacfighter]

Congratulations!!!! I am so happy for you.

Indymacfighter

[DaveandBrandy]

Thank you for everything. Indymac contacted me within 1 day. I was sent out the paperwork for the modification the very next day. However, I have a question. This loan was not a negative am. However, the rate increased tremendously and we could not afford it. Indymac lowered the rate. However, it will go back to the same interest after 3 years. I need to know if I should go ahead with the modification or should I try something else. I'm afraid that the economy will not be any better in 3 years and I'll be in the same boat I am now. Your advice would be great.

Thank you for everything.

[spica825]

Hi Dave and Brandy.
My loan modification was also an interest rate reduction for 3 years, as well. I asked a similar question to the person I have been working directly with and she indicated that if we continue making the payments on the modified loan, we will be able to remodify it after that time period. I felt I had nothing to loose and our family home to gain. I have been working with Filishia Swain. She has been VERY responsive and very nice. I wish you luck. We decided to go through with it.