JP Morgan’s CEO Jamie Dimon said that prime mortgages are “terrible” during the company’s earnings report which saw the Wall Street bank beat earnings estimates.  The rapidly rising prime mortgage delinquencies may signal the second wave of the credit crisis; and one that we’ve been pointing to for a long time now.

In an article I wrote last year I said that “your FICO score can’t pay your mortgage” when times get tough, money gets tight and loans reset.  I predicted that we would see a severe uptick in prime delinquencies and suggested that credit scores were overweighted in loan underwriting.  Alas, I appear to be right.

Dimon also issued a refrain that I’ve been bandying about for a long time - “we’re very early” in the mortgage loss game.

See the below graph (from Housing Wire) that shows the exponential growth in mortgage delinquencies in JP Morgan’s prime mortgage portfolio.

From Housing Wire:

Part of that weak economic outlook can clearly be attributed to mortgages. In a surprisingly short conference call with analysts, Dimon suggested that losses in JP Morgan’s prime mortgage book could triple in the foreseeable future as the credit mess moves out of subprime and into Alt-A and jumbo loans.

JPM 30-day DQs, prime mortgages, Q2

30-day delinquency trending among JP Morgan’s prime mortgage porrfolio. (Source: investor presentation)

“Prime looks terrible,” he told analysts on the call. “And we’re sorry, and there’s nothing else we can say.”

The company currently holds $34.4 billion of jumbo mortgages, along with $2.5 billion of Alt-A mortgages. Net charge-offs among prime loans in the second quarter rose to $104 million, more than double the $50 million recorded just one quarter earlier. JP Morgan jumped in headlong into jumbos and Alt-A mortgages during 2007 — obviously an ill-timed bet, given where the market has headed.

“We were wrong, we obviously wish we hadn’t done it,” Dimon told analysts. “We’re very early in the loss curve.”

Source [blownmortgage]

Filed under: Marketing and advertising, Nokia Corp. (NOK), Advanced Micro Dev (AMD), Business of sports

This post is part of a series on celebrity spokespeople who ended up doing serious harm to the brands they were hired to promote, or vice versa. See how we rank the 20 top spokesperson fiascos.

Before Michael Vick, quarterbacks were (mostly) tall, slow white men who passed the football, handed it off or got creamed by pass rushers. Vick changed the game by combining the strength, speed and agility of a running back with the arm and savvy of a quarterback. With it, he turned the traditional also-ran Atlanta Falcons into a contender. How could any company in the sporting goods field not sign such a sure-fire hall-of-famer as a spokesperson?

And sign him they did. Nike (NYSE:NKE) created a “Michael Vick Experience” ad campaign. He appeared on the cover of the 2004 version of Electronic Arts‘ (NASDAQ:ERTS) Madden football. The sponsor money rolled in, and when the Falcons signed Vick to a 10-year, $130 million contract, he had reached the pinnacle of sports success.

Then came the expose. News reports tying Vick to a dog fighting ring, then naming him as the pivotal figure in a horrendous gang who raised killer dogs in a kennel on Vick’s property and buried the losers nearby. By the time Vick was taken into custody, his brand was so fouled that companies couldn’t back away from him fast enough. The only sales of equipment with his name on it was to dog owners who used them as chew toys.

In a fiasco, everyone involved suffers. I just wish the everybody here hadn’t included innocent dogs.

Read the entire series

Permalink | Email this | Comments

Via [bloggingstocks]

It has been one week since Pasadena based IndyMac Bank was taken over by the FDIC. After the market closed on Friday, the FDIC had assumed control over the troubled institution which was the second largest bank failure in history with assets totaling $32 billion. Initially, since it had been a very long […]
Related Posts:
IndyMac: IndyMac History and Collapse. The Saga of the Second Largest Bank Failure in History, here in Sunny Southern California.
Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV. Bank Failures.
Affordable Housing: Finding Affordable Housing just got Easier in California.
The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
Fannie Mae and Freddie Mac: Government Sponsored Entities Finding Their way Back Home with a Bailout.

It has been one week since Pasadena based IndyMac Bank was taken over by the FDIC. After the market closed on Friday, the FDIC had assumed control over the troubled institution which was the second largest bank failure in history with assets totaling $32 billion. Initially, since it had been a very long time since a bank of this size had collapsed, many did not know what to expect. Uncertainty was fueled over the weekend when people were unable to access their accounts. On their website, a FDIC page was posted telling customers that the bank was now under full control of the FDIC.

As the institution opened on Monday, uncertainty turned into nervousness. Report after report discussed how people were withdrawing their money from the bank, even those who had insured deposits under the $100,000 FDIC limit. The mass influx of people overwhelmed the resources of the institution and many had to return the subsequent day.

At this point, people started worrying more about simply getting their money out. Bank lines and lists started to make their rounds in various locations:

3-indymac0714eg8lrg-laguna-woods.jpg

2-indymac0714eg13-mission-viejo.jpg

*Source: OC Register Eugene Garcia

In some locations customers waited hours only to be told that they were unable to get their funds out. The heat and uncertainty turned into anger and frustration. Miscommunications occurred where lists were not approved officially from the FDIC so it was uncertain if they would be honored the next day. This did not bode well for many customers some who had been waiting from 1:30AM.

It is clear that the majority of customers from various reports were taking out their money even though the PR machine was fully saying, “this is the strongest bank in the country currently” - if that is the case, why was it taken over on a Friday afternoon without telling customers before hand even giving a slight warning?  Yes, against policy rules. Also, I’m sure those with $100,000 plus would have something else to say about that security.

As the week progressed and customers made their way with FDIC cashiers checks out, it turned out that some reports were stating that there may be some delay with other institutions honoring the checks coming from the institution. Clearly this caused more uncertainty with customers who further withdrew more funds. Amazingly some of the other institutions putting extreme holds on some of these checks are only weeks away from a similar position and they too are insured with the FDIC. Is this how they would want their customers to be treated in the future? From what it appears and legitimately so, many of these other institutions are on the lookout for fraud given the circumstances.  Unintended consequences.
At one location, the police were called out to settle customers down. Now of course this isn’t exactly the way to manage good PR. You’re threatening arrest on customers who want their money because your bank collapsed? They want their money because it did collapse! I’m surprised that some people say, “well this is irrational panic and people just need to calm down.” Actually, what is irrational is the mortgages this institution got involved in which led to its predictable demise. Today we have a very special Real Home of Genius Award for IndyMac Bank with a home right in its home city of Pasadena. Today we salute you IndyMac Bank with our Real Home of Genius Award.

IndyMac Bank and the Temple of Doomed Mortgages

IndyMac Bank

Today’s home leads us to Pasadena California. This home has 3 bedrooms and 2 baths which is your typical bread and butter starter home. It sits on 1,283 square feet of patchy green grass. You would think that when you are selling a home, you would at least remove the kicked down sales sign from the lawn and the green garbage can before taking a picture but this is how collapsed banks do business. Hey, collapsing just doesn’t happen overnight! It happens over the weekend and once you see the history of this one example, you’ll begin to understand why banks like IndyMac are doomed in the upcoming months.

This place is listed on the IndyMac website at a sales price of $335,900 which for anyone in Southern California who knows about Pasadena, seems like a steal. Maybe it was a good deal a few years ago but not anymore. In today’s market, qualified buyers are actually demanding a decent product for the amount they’ll shell out. No longer can you get a toxic banana republic loan to fund your flipping or delusional real estate mogul dreams.

Yet now we are going to see how disorganized California real estate has recently become. There is this phenomenon where real estate owned properties are for some reason not showing up on public MLS real estate sites. Whether lenders are overwhelmed or simply do not care, this issue is not clear. What is clear with many of these toxic Pay Option ARM mortgages is that there is a fleet of owners right now in California that are one, two, three, or four months away from their payments skyrocketing 50 percent and above. With the median price of homes dropping by 30% across California, these homes are simply waiting to be foreclosed on. Yet the irony here is that these loans actually look profitable to many of the current note holders. Unlike subprime were people with very poor credit were given absurd mortgages and of course defaulted very quickly, these loans tend to go incognito for a much longer time. If you have a two or three year window were you are deferring interest and even some of your principal yet pay on time, all looks well on the balance sheet.

A large number of these borrowers are “good” credit folks who used up their home equity like an ATM and now are simply sitting waiting for that recast anniversary. These places are flat out doomed and with $500 billion recasting shortly, many of these lenders are simply waiting for their FDIC turn. This brief rally on Wall Street is a suckers rally. Jump in at your own peril.

If you think this REO idea is off, just look at this property. We can go to the Realtor.com website and search this Pasadena zipcode and take a look below:

realtor.jpg

*Source: Realtor.com

Oh where art thou? Shouldn’t $335,900 be in the middle here? Yes sir! But nowhere to be found. Big deal you may say right? Well if lenders aren’t reporting their inventory correctly it artificially makes the overall sale to inventory ratio look healthier than it really is. My gut tells me there is a lot of REO and defaulted property hidden from the public view right now simply because of NTS, NOD, and REO data being reported from other agencies.  Once recasts hit fully, the zombies will come out of the ground hungry for capital.

Yet if you want to know why these institutions failed, let us look at some of the pricing action:

zillow.jpg

*Source: Zillow.com

This place sold on February of 2007 for $575,000! How absurd is that? If a prime area like Pasadena can see a home drop 40% in slightly over a year, what about the loans they made in more troubled areas like the Inland Empire? Given that it was picked up in February of 2008 for roughly 80% of the peak price, I imagine that the lender simply took back the home. It was probably under an 80/20 which was so typical in California. Yet it has been sitting on the books for nearly 5 months and once it sells (if it sells for the current price) their will be a write-down. And once this brief euphoria is over, the overall stock market will punish these stocks again. They are all operating as if a bailout will be given to all. Nope. Unfortunately they only have the time and pseudo resources to go after the big boys of Fannie Mae and Freddie Mac.

Is it any wonder why IndyMac collapsed? These kind of loans should have never seen the light of day. Today we salute you IndyMac Bank with our Real Home of Genius Award.

Did You Enjoy The Post? Subscribe to Dr. Housing Bubble’s Blog to get updated housing commentary, analysis, and information

Post from: Dr. Housing Bubble Blog

IndyMac Bank: Bank Failure, Long Lines, and a Real Home of Genius. Another Reason why IndyMac Bank Failed.

Related Posts:
IndyMac: IndyMac History and Collapse. The Saga of the Second Largest Bank Failure in History, here in Sunny Southern California.
Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV. Bank Failures.
Affordable Housing: Finding Affordable Housing just got Easier in California.
The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
Fannie Mae and Freddie Mac: Government Sponsored Entities Finding Their way Back Home with a Bailout.

Via [DrHousingBubble]

Filed under: Google (GOOG), Microsoft (MSFT), Citigroup Inc. (C), Advanced Micro Dev (AMD), Merrill Lynch (MER)

Merrill Lynch (NASDAQ:MER) is down over 5% on poor earnings.

Google (NASDAQ:GOOG) is down 8% on disappointing earnings.

AMD (NYSE:AMD) is down 7% on poor earnings.

UAL (NASDAQ:UAUA) is up over 8% on an anlyst upgrade.

Micrososft (NASDAQ:MSFT) is down over 5% on poor earnings.

Stocks may trade differently in the pre-market than they do the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

Filed under: Newspapers, Magazines, Google (GOOG), Viacom (VIA), Amer Intl Group (AIG), Lehman Br Holdings (LEH)

MAJOR PAPERS:

  • The market for private mortgage insurance has narrowed and is tougher to obtain, further pressuring home buyers and affecting the market, the Wall Street Journal reported. “Clearly, the pendulum had swung a little too far in terms of flexibility in underwriting,” said Len Sweeney, the chief risk officer at AIG United Guaranty, a part of American International Group Inc (NYSE: AIG).
  • In a agreement with Viacom Inc (NYSE: VIA), Google Inc (NASDAQ: GOOG) said it will remove visitor data from YouTube before it fulfills a judge’s order to send data to Viacom, as a part of a larger copyright lawsuit, the Wall Street Journal reported.

OTHER PAPERS:

  • As part of its effort to emerge from bankruptcy protection, the Detroit News reported that Delphi Corp (OTC: DPHIQ) announced plans to sell its brake business. Delphi has retained W.Y. Campbell and Co to help sell the unit, which has around 1,000 employees worldwide.
  • The New York Post learned that Dick Fuld, the CEO of Lehman Brothers Holdings Inc (NYSE: LEH), is seriously considering ways to take the company private. The Post said that talks centering on the privatization of Lehman have “gotten very serious consideration,” according to sources, although details on how a maneuver may work remain unclear.

Filed under: Bad news, Products and services, Merck and Co (MRK), Economic data

Minyanville Professor David Miller dares to share the kind of keen insight and actionable information you won’t find in any prospectus. For more original thought, visit www.minyanville.com.

Professor Miller,

I just saw news of Merck & Co., Inc. (NYSE: MRK)’s and Schering Plough Corporation (NYSE: SGP)’s Vytorin not meeting their goal of heart study. Approximately 40% of Schering Plough’s profit comes from this joint venture. Do you think pharmaceutical companies put too many eggs in one basket? Do they have a choice?

Minyan T.

MT,

They do have a choice, but the decision is to focus only on blockbuster drugs - which are a dying breed in this age of increased focus on personalized medicine. But the study is not as big of a disaster as some are saying. The main goal of aortic thickening is not as important to this drug as reductions in atherosclerotic events, which was positive in favor of Vytorin.

Basically, MRK/SGP tried to extend the market for Vytorin by this study in a place few thought it would work. They overextended, which is the bad news. The good news is the study confirmed the drug works to reduce cardiac events related to fat in the arteries, which is what the drug is primarily prescribed for.

-Professor Miller

Read | Permalink | Email this | Comments

Via [bloggingstocks]

The explicitly guaranteed GSE, Freddie Mac, is mulling a possible $10 billion equity round to raise capital to try to avoid from kicking in the taxpayer-financed bailout that Hank Paulson is hot and heavy on.

I don’t know how you raise that much cash at such a terrible stock price without completely diluting the hell out of the rest of the shareholders; but onward I say.  Better the stockholders than the taxpayers.  I say raise away until the stock is worth nothing (better get moving).

From Market Watch:

Freddie Mac is considering raising capital by selling as much as $10 billion in new shares to investors, the Wall Street Journal reported Friday, citing unnamed people familiar with the matter. The move, which comes as emergency regulatory actions have triggered a two-day rebound in its stock, would have the potential to avoid a full-blown government rescue for Freddie…

Source [blownmortgage]

Securities regulators have raided the St. Louis headquarters of Wachovia to investigate the company’s actions  around their issuance of auction rate securities (h/t Don) .  The regulators are looking particularly hard at how the company valued and marketed the securities which have caused more than 70 complaints filed with the state from investors that have had assets frozen by the company during the mortgage meltdown.

From CNBC:

Missouri has also served subpoenas on more than a dozen Wachovia Securities agents and executives after receiving more than 70 complaints representing more than $40 million in frozen investments over the last four months. 

The move on the headquarters comes three months after Wachovia Securities failed to fully comply with requests by the Missouri securities division for certain information, state officials said.

“Hundreds of Missouri investors have called my office because of inability to access their money. They were told these investments were safe and easy to cash in, but now they cannot run their business, make medical payments, or pay school tuition,” Carnahan said in a written statement.

Source [blownmortgage]

Filed under: Google (GOOG), salesforce.com inc (CRM), Small business

Every day, I get a variety of media pitches from companies and PR folks. No doubt, I try to evaluate all of them.

The problem: some of the pitches don’t work. As a result, a company may miss an opportunity to get some exposure.

However, there are some strategies to improve things. So, let’s take a look:

Know the journalist: Most of us focus on certain topics (or have a so-called beat). Thus, read some of a journalist’s work. If he or she doesn’t cover your industry or market focus, then it’s probably a waste of time to make a pitch.

Now, for those who are a right fit: put the journalist’s name in a notebook or a database (there are free online offerings, such as Zoho). You might also look at other publications the journalist writes for. Oh, and it’s a good idea to keep reading the journalist’s work. To this end, you might set a filter with something like Google (NASDAQ: GOOG) News.

Craft a personalized pitch: OK, I will respond to a canned pitch. But, it better be highly targeted.

Although, if you want to improve your odds, try to find ways to show that you understand my focus and work.

For example, you could start a pitch with: “Hi Tom, I saw that you recently wrote a piece about on-demand software operator, Salesforce.com (NYSE: CRM). I think you might be interested in another company in the space, which is called…..”

Believe me, I’ll pay attention.

Keep it short: I’ve seen pitches that have hundreds of words. Don’t do it. Instead, I like pitches that are just a couple paragraphs.

Basically, find a way to grab me and then perhaps have a press release (but don’t have it as an attachment — I’m scared of opening them because of security concerns).

Provide a hook: I get press releases on such topics as new-hires of executives and other typical stuff. But, unless the hire is a big-time person, does it matter? Probably not.

In other words, think about the following: what is the angle (that is, the hook)? Why would I be interested in writing about your pitch?

In fact, try to state the hook in an email’s subject line.

Don’t pitch every day: Yes, I get some of these. And it’s annoying. It means that you are really not targeting me; rather, it’s kind of like spam.

Some resources: To go further, there are certainly good books on dealing with the media, such as Media Training 101: A Guide to Meeting the Press and The New Rules of Marketing and PR: How to Use News Releases, Blogs, Podcasting, Viral Marketing and Online Media to Reach Buyers Directly.

Bank failures are not common occurrences. And seeing a large group of people lined up at 7:30AM in a prime Southern California location with distraught faces ready to withdraw their money from the now taken over IndyMac Bank was even more surreal. The idea of a large brick and mortar institution not keeping […]
Related Posts:
The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
IndyMac: IndyMac History and Collapse. The Saga of the Second Largest Bank Failure in History, here in Sunny Southern California.
Affordable Housing: Finding Affordable Housing just got Easier in California.
IndyMac Bank: Bank Failure, Long Lines, and a Real Home of Genius. Another Reason why IndyMac Bank Failed.
The Sham of our Current Unemployment Rate Numbers: Lessons from the Great Depression: Part X. Data Mining.

Bank failures are not common occurrences. And seeing a large group of people lined up at 7:30AM in a prime Southern California location with distraught faces ready to withdraw their money from the now taken over IndyMac Bank was even more surreal. The idea of a large brick and mortar institution not keeping your money safe is enough to unnerve the strongest of us. Bank failures may seem like part of a distant past associated with the Great Depression or the S & L crisis but certainly not to our current era.

Since 2000, the FDIC has recorded 32 bank failures. I have compiled this list from FDIC data and have also added a column to show the amount of assets taken over. What you’ll find is digging into the data for yourself is much more telling than listening to the media:

FDIC

So what is the big deal with IndyMac Bank? Take a look at this sobering fact:

IndyMac Bank Total Assets: $32 billion

All Other 31 Combined Bank Failures since 2000: $8.97 billion

Basically IndyMac Bank had about 4 times the amount of assets as all the other 31 bank failures of this decade combined. This is an important contrast since I’ve been seeing the media currently say things such as:

“We won’t have as many bank failures as the past…”

“Only 5 banks have failed this year…”

“We only have 90 banks on our troubled list…”

As you can see from the above, depending on which banks are on the list and their size, having a handful of bank failures the size of IndyMac Bank would be the equivalent of 500 to 1,000 smaller banks failing. It may come as no comfort that IndyMac wasn’t even on the troubled list.

In today’s article we are going to take a look at a few photos of what occurred on Monday. This is part XIV of our Lessons from the Great Depression series:

1. Personal Story by a Lawyer from a Previous Asset Bubble. Can we Learn from the Past and How will the Housing Decline Impact You?

2. Lessons From the Great Depression: A Letter from a former Banking President Discussing the Bubble.

3. Florida Housing 1920s Redux: History repeating in Florida and Lessons from the Roaring 20s.

4. The Menace of Mortgage Debts: Lessons from the Great Depression Series: Part IV: Where do we go After the Housing Crash?

5. Business Devours its Young: Lessons from the Great Depression: Part V: Destroying the Working Class.

6. Crash! The Housing Market Free Fall and Client #10 Contagion.

7. Winston Smith and the Bailouts in Oceania: Lessons from the Great Depression Part VII.

8. Sheep Back to the Slaughter: Lessons from the Great Depression Part VIII: All the Change and Bear

Market Rallies.

9. A Bubble That Broke the World

10. The Sham of our Current Unemployment Numbers

11. Understanding the Impact of Asset Deflation and Consumer Inflation.

12. Is the DOW now Tracking with the California Housing Market?

13. The Federal Reserve.

Photos Then and Now

Reports from all across Southern California discussed the panicked mood of many customers at IndyMac locations all across multiple cities. Eugene Garcia over at the Orange County Register has been kind enough to give us permission to use some of the photos:

1-indymac0714eg6-laguna-woods.jpg

*Source: OC Register Eugene Garcia

In this picture you’ll notice a line that according to reports, had approximately 100 people. You’ll also notice that a large number of the customers are nearing or in retirement. Not a good place to be in especially if you are dependent on this money and had over $100,000:

“(LA Times) But an estimated 10,000 IndyMac customers had deposits that exceeded those limits. Among them was 70-year-old Charles Tengeri, a retired teacher from Pasadena, who arrived at IndyMac’s headquarters at 4 a.m. and grabbed one of the first spots in line.

Tengeri had more than $200,000 in five certificate of deposit accounts — his life savings, he said. After waiting five hours, he left with a check for $171,000.

“It’s not 100%, but it’s better than nothing,” said Tengeri, who still has more than $50,000 tied up in the bank. “It’s not fair. . . . I’m praying for it, I’m crossing my fingers for it, but I don’t know.”

In this case, assuming the total deposit in the bank was $221,000 leaving the bank with $50,000 locked up is a 22% reduction of the original amount. That is a hefty amount given that you are not suppose to lose any of your principal at a bank. According to reports, $1 billion of deposits are beyond the $100,000 FDIC limit. No wonder why folks at a Mission Viejo location had one thing on their minds:

2-indymac0714eg13-mission-viejo.jpg

*Source: OC Register Eugene Garcia

It is pretty clear what the intention of today’s visit was. The FDIC tried to reassure people that their money was fine but most folks do not want to leave their money in an institution that gambled recklessly in the housing market. Why would they? There are other institutions that are sounder and people now realize that old mantras like “real estate never goes down” are sometimes hard sales pitches. People are looking to protect their money. And if you think people are trusting their government who have recklessly allowed the dollar to plummet and have squandered any semblance of prudence, think again. People are now starting to push the first domino on other institutions:

“(LA Times) Anne Martin, 56, wasn’t taking any chances Monday. She went first to an IndyMac branch in Arcadia to liquidate a certificate of deposit, then planned to go to Downey Savings, where she intended to close another CD amid speculation it would be the next bank to fail.

“I’m going there after this,” she said. “I know they did a lot of loans, and I’m afraid they’re going to be caught up in the same situation.”

At a Downey branch in Arcadia, Doris Crosby of Pasadena was transferring money from another bank, where it hadn’t been insured, into her checking account despite hearing rumors that Downey was in trouble.

“I just have this feeling I’m jumping from one frying pan to another,” Crosby, 82, said. “I just don’t know what to do.”

People are simply not happy about this and rightfully so. Here is a picture from a different angle at the Laguna Woods location:

3-indymac0714eg8lrg-laguna-woods.jpg

*Source: OC Register Eugene Garcia

There were reports from long lines at:
Pasadena

Los Angeles
Laguna Woods

Mission Viejo

Long Beach

And I’m sure other locations had similar reactions. Although the housing crisis and credit debacle have been going on for sometime, seeing large banks in trouble and people scrambling for their money will hopefully light a fire with our politicians. Unfortunately they take this as a pass to bailout every nook and cranny of the economy but all we get is corporate welfare for those on Wall Street while middle class Americans, many pictured above struggle to keep enough money for a dignified retirement.

The reason these pictures are so rare is that you would have to go back to the Great Depression to see long lines of people waiting to take their money out of large banking institutions:

american_union_bank.gif

If the FDIC is telling us that we have 90 to 150 more troubled banks, how can anyone say with a straight face that we will have a second half recovery? In fact, according to current government measurements we aren’t even in a recession! According to government data, inflation is moderate, unemployment is dandy, and we are following a strong dollar policy. I think people are now realizing the emperor has no clothes and are starting to awake from a decade long financial apathy quelled by debt.

Did You Enjoy The Post? Subscribe to Dr. Housing Bubble’s Blog to get updated housing commentary, analysis, and information

Post from: Dr. Housing Bubble Blog

Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV. Bank Failures.

Related Posts:
The Lords of Money Speak: Even the Prime Will Fall. Lessons From the Great Depression Part XV. The King JPMorgan Speaks.
IndyMac: IndyMac History and Collapse. The Saga of the Second Largest Bank Failure in History, here in Sunny Southern California.
Affordable Housing: Finding Affordable Housing just got Easier in California.
IndyMac Bank: Bank Failure, Long Lines, and a Real Home of Genius. Another Reason why IndyMac Bank Failed.
The Sham of our Current Unemployment Rate Numbers: Lessons from the Great Depression: Part X. Data Mining.

Via [DrHousingBubble]

Close
E-mail It