BBC NEWS | Business | Key US mortgage lender goes bust It is the second-largest financial institution to fail in US history, regulators say. The failure came on a day when shares in the two biggest US home loan institutions - Freddie Mac and Fannie Mae - fell at one stage by almost 50%. People with deposits of up to $100,000 each are covered by insurers. But about 10,000 people had uninsured funds over that limit with IndyMac - worth a total $1bn at the time of closing.
It was all a big pyramid scheme. People that got in early and sold homes they bought in the 90s to people who bought them after 2000 made out like bandits. The people who bought the homes with 40 year contracts ect were speculating, not buying a place to live. Now the market is going bust. I won't be shedding a tear. Anyone who signs their name on a 40 tear mortugage deserves what they get.
"A fool and his money, are soon parted." ... Timeless "There's a Sucker born every minute." ... P.T. Barnam "Never give a Sucker an even break, or smarten up a Chump." ... W.C. Fields
