IndyMac foreclosures halted by the FDIC

By: PAUL JACKSON
July 14, 2008

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 said in an interview on CNBC television that IndyMac, which the FDIC took over after it failed on Friday, had a $200 billion mortgage servicing portfolio.

One Response to “IndyMac foreclosures halted by the FDIC”

July 14th, 2008 5:12 pm by Jeff's Moped

So, Ms. Bair halted foreclosure proceedings on 7.5 % of the IndyMac line. I’m guessing the other 92.5% aren’t owned by IMB, but are subserviced on behalf of Wall Street types.

I wonder how the ratings agencies are going to handle the FDIC receivership, when it comes to IMB’s servicer ratings going forward. I can’t imagine that the financial strength of the “parent company” is much of a concern these days, given that it is none other than the federal government.

Of course, I also assume this is another of those nefarious “exogenous circumstances” that their ratings models didn’t account for.

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