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Housing Slump: Foreclosure Activity Jumps In Austin, Miami, San Diego, And Seattle
ATTOM Data Solutions noticed that 60 of the 220 major U.S. metropolitan areas posted a y/y increase in foreclosure activity in January 2019, an ominous sign of deceleration in the housing market.
According to the report, the hardest hit areas in January include Orlando, Florida (up 72% y/y); Austin, Texas (up 60% y/y); Miami, Florida (up 41% y/y); San Diego, California (up 12% y/y); and Seattle, Washington (up 10% y/y).
Across the U.S., a total of 29,382 U.S. properties started foreclosure proceedings in January, up more than 4% from the previous month and 2% from January 2018. January marked the second consecutive month with a y/y increase in foreclosure starts.
More than two dozen states including Washington, D.C. posted annual increases in foreclosure starts. States with the highest activity include Florida (up 91% y/y); Texas (up 50% y/y); Washington (up 41% y/y); Hawaii (up 31% y/y); and Arizona (up 28% y/y).
Mortgage companies repossessed 12,228 homes through foreclosure (REO) in January 2019, up 18% from the previous month but down 54% from 2018. The report notes that repossessions have moved higher for the third consecutive month with an overall y/y decrease.
Zerohedge readers have been well informed on recent housing market gyrations that could undoubtedly make 2019 one of the worst years for real estate in quite some time. Homeowners are struggling to sell their homes as inventory floods that market - forcing prices lower amid higher mortgage rates. Housing affordability continues to plague millions who have been priced out of starter homes. All this comes as the U.S. is expected to rapidly slow as recession fears soar.
https://www.zerohedge.com/news/2019-03-15/housing-slump-foreclosure-activity-jumps-austin-miami-san-diego-and-seattle
arrrrrrrrrrrr!
IndyMac: The Inside Story of a Bank Failure and Rebirth
(this is the only time in FRB history that an entire bank was sucked up into the FRB and then spit out as another. It was given to Munchkins and his company OneWest bank)
This was the closure that got everybody's attention.
It was back in July 2008 when IndyMac Bank, a $32 billion asset Pasadena, CA-based institution, was closed by its federal regulator, the Office of Thrift Supervision (OTS), and then reopened the following Monday as the IndyMac Federal Savings Bank. The transition was all over the national news, including memorable scenes of customers making a run on the bank to claim their deposits.
Following the closure, the bank was then run by the FDIC acting as its overseer for the next five months while it made tectonic shifts in its loan portfolio and business model, then sold to private investors.
Sean Wright, Vice President of Enterprise Information Security for IndyMac, worked through the bank's takeover by the FDIC and shares the story of the bank's failure, work through and rebirth as a new institution.
Wright joined IndyMac in June 2007 and says now that the past year was a huge challenge, but also a great learning experience. "The fact that we were able to make it out through to the other side and are still alive to tell about it is a good thing," Wright says.
Beginning of the End for IndyMac
Early in 2008, the Office of Thrift Supervision (OTS) came in and did its annual audit and "felt that IndyMac wasn't stable enough to maintain itself as a viable bank and still protect the best interests of its customers," Wright recalls. "So at that point the OTS made the recommendation to the FDIC to take over IndyMac, and essentially move IndyMac bank out into bankruptcy as a shell."
The FDIC then set up a new IndyMac federal savings bank that would shelter the patrons of the company (the depositors). At that time, the FDIC basically split the bank up into two pieces, Wright explains, one being the conservatory, one being the repository. The bank moved as many of the bad assets as it possibly could into the receivership, and moved all the good assets into the conservatory. The conservatory was the portion of the bank that was sold to Dune Capital Wright Management back in January. Dune has renamed the bank OneWest Bank.
Dune acts as a consortium and is made up of a group of investors, including J.C. Flowers and other private investors. Branding to the new OneWest Bank name hasn't taken place yet. "All of this was finalized at the end of March," Wright says.
Phoenix Rising From Ashes
When asked to describe the new bank, Wright says OneWest Bank is the phoenix that is rising from the ashes of IndyMac, and it will be a different bank with a different direction. "We (IndyMac) went through a unique scenario. Over the last couple of years, the FDIC has taken over about 50 different banks, and every single one of them with the exception of IndyMac has gone directly into a receivership, so they basically just took the bank over, got rid of all the bad assets and then just basically liquidated the company," Wright explains. This is the approach that the FDIC took across the board, "but with IndyMac it was different, it was almost an experiment for the FDIC," he says.
When the FDIC took over IndyMac it definitely had a different intention for the company. The intent was to take a bank that was somewhat unstable, but still salvageable. Regulators saw IndyMac was very entrenched in mortgage banking, says Wright. The FDIC saw there was a viable part of the company that could be brought back out of this bankruptcy. "What we began to do with them was develop a kind of protocol or standard for loan modifications."
Security Team Impacted by Takeover
The security department was impacted by positions that were removed after the takeover. The headcount in the department was reduced about 20 percent, Wright notes. "However our services from outside vendors increased, and today we are actually getting better coverage at a lesser cost."
rest at link
https://www.bankinfosecurity.com/indymac-inside-story-bank-failure-rebirth-a-1432
already asked once and will only ask once so ty for that . Funny that the joob video spammed here forever gets in but hey. Nothing but support for them but it is what it is
you came back lb or so
Niggas With Oragami
nevermind thought you were day baker dd generator. so many of them in here now it's hard to keep track of who is really who. current b is a bit overmatched. If you take it and create dough and past I can do the rest.
just do not want them to get discouraged with all the abuse they are getting that's all.
o7