This is just a total sign of the modus operandi of the FDIC….they would like to give the impression of an orderly unwinding, so they might not go in for the kill for a week or so after first rumors hit.

Once again, GREAT job on your stories and advanced scoop Mark!! Ml-Implode is one of the first places I visit every morning when checking the news. You are to be commended for your un-varnished approach!!

That pretty much sums it up. We at IMB don’t really want your business, but if you insist then pay us upfront. Oh, and if after paying us you need an extension, forget it. The money is ours!

 Only loans that have valid, non-expired rate locks can be underwritten.

 In order to maintain rate locks, a 1% Rate Lock Fee (based on the total rate lock pipeline of the Seller’s / Broker’s rate locked pipeline) must be received by 7/10/2008, 5PM EST.

 If a loan is declined or funded, the Rate Lock Fee specific to the funded loan (1% of mortgage amount) will be credited back to the Seller/Broker.

 If a rate lock expires prior to funding for any reason, the Rate Lock Fee collected specific to the loan (1% of mortgage amount) will be retained by Indymac Bank.

 The last funding date for all refinance transactions is 7/31/2008. Rate Lock Fees collected for locked refinance loans that do not fund on/before this date will be retained by Indymac Bank- NOT refundable

 The last funding date for all purchase transactions is 8/15/2008. Rate Lock Fees collected for locked purchase loans that do not fund on/before this date will be retained by Indymac Bank- NOT refundable

 No rate lock extensions will be granted- no exceptions. Expired locks will go to current market pricing and the Rate Lock Fee will be retained by Indymac Bank.

To request continuance of your rate locks, a Rate Lock Fee check and a signed copy of this document should be sent to-

Indymac Bank, FSB
Attention: Len Israel
1Banting
Irvine, CA 92618

Checks should be payable to- Indymac Bank, FSB. from the Seller/Broker, NOT the Borrower.

Provide the following information for your rate locked loans-

Seller Company Name IMB Seller #
Contact Name Phone
Address
City/State/Zip

IMB Loan Number Borrower Last Name Loan Amount (include MIP) Lock Expiration Date per eMits 1% Rate lock Fee Amount $
$ $
$ $
$ $
$ $
$ $
$ $
$ $
$ $
Total Locked Pipeline $ Fee Paid $

Acknowledgement and Acceptance

I understand and accept the terms and conditions outlined herein. I have enclosed the rate lock fee required; please maintain the rate locks indicated above.

Seller/Broker-

Name (printed) Title

Signature Date
Indymac Bank-

Name (printed) Title

Signature Date

http://www.minyanville.com/articles/index.php?a=17914

If quacks like a duck, flis like a duck and walk like a duck, it’s a duck. Taxpayers will be on the hook for how much with this measure ? They will wait after the election to nationalize.

Just wondered ? What’s that ? The rise of the 3rd Reich at the FED ? Pure national-socialism at the FED. It the next step. Nationalisation of Freddie Mac and Fannie Mae. Wow ! Banking socialism at its best like in Old Red and Brown Europe. It’s real funny. Sometimes you really have the impression that yeah the next step will a king of 3rd Reich controlled by the bankers. Surprise ! You will soon be on the hook for all the Fannie’s and Freddie’s junk !