{"id":195457,"date":"2008-07-07T23:17:00","date_gmt":"2008-07-08T04:17:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/07\/bank-deathwatch-indymac\/"},"modified":"2008-07-07T23:17:00","modified_gmt":"2008-07-08T04:17:00","slug":"bank-deathwatch-indymac","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/07\/07\/bank-deathwatch-indymac\/","title":{"rendered":"Bank Deathwatch: Indymac"},"content":{"rendered":"<p>The nation&#8217;s 7th largest mortgage lender is <a href=\"http:\/\/money.cnn.com\/news\/newsfeeds\/articles\/djf500\/200807072019DOWJONESDJONLINE000476_FORTUNE5.htm\">no longer classified as &#8220;well capitalized&#8221;<\/a>, and it appears to be unable to raise additional capital.  As a result regulators are pressuring them to shrink their loan business, and they have <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=azVDqUve.O5Q&amp;refer=home\">laid off half their staff<\/a><\/p>\n<p>Indymac currently has a <a href=\"http:\/\/www.marketwatch.com\/news\/story\/weekend-edition-bank-failures-surge\/story.aspx?guid=%7B2FCA4A0C-227D-48FE-B42C-8DDF75D838DA%7D\">Texas ratio<sup>*<\/sup> of 140%<\/a>, where a number at or above 100% means likely failure<\/p>\n<p>Note that Indymac was cofounded by the &#8220;Tanned One&#8221; Angelo Mozilo, who also founded countrywide financial.  He&#8217;s just the gift that keeps on giving.<\/p>\n<p><sup>*<\/sup><span style=\"font-size:78%;\">Quoting <a href=\"http:\/\/en.wikipedia.org\/wiki\/Texas_ratio\">wiki<\/a>, &#8220;The Texas ratio is a measure of a bank&#8217;s credit troubles, developed by Gerard Cassidy and others at RBC Capital Markets. It is calculated by dividing the value of the lender&#8217;s non-performing loans by the sum of its tangible equity capital and loan loss reserves.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The nation&#8217;s 7th largest mortgage lender is no longer classified as &#8220;well capitalized&#8221;, and it appears to be unable to raise additional capital. As a result regulators are pressuring them to shrink their loan business, and they have laid off half their staff Indymac currently has a Texas ratio* of 140%, where a number at &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,1004,1265,985],"tags":[],"class_list":["post-195457","post","type-post","status-publish","format-standard","hentry","category-bubble","category-finance","category-housing-crash","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195457"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195457"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195457\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}