Charlotte Real Estate, Foreclosures, Short Sales

California based IndyMac has been seized by U.S. banking regulators on Friday after withdrawls of panicking depositors brought about the third largest banking failure in U.S. history.  As a mortgage broker, I brokered many loans with IndyMac for Charlotte real estate.  IndyMac had a large subprime, low documentation line of products.  "Back when subprime was cool", these loans were very hot. 

Subprime loans should not be mistaken for "bad loans".  Many borrowers who wanted to become homeowners qualified for subprime loans due to challenged credit.  It does not necessarily mean that a spouse going through a divorce, a person with medical bills not reimbursed, or a victim of identity theft should not have the opportunity to become a homeowner.  It DOES mean when given a second chance, do the right thing.... pay your mortgage.  Charlotte real estate homeowners have struggled with option/Alt-a loans.

IndyMac will reopen fully on Monday as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision. The FDIC, which will seek a buyer for IndyMac, estimated the cost of the bank's failure to its $53 billion insurance fund at between $4 billion and $8 billion.

What Happened to IndyMac?

IndyMac grew rapidly during the housing boom.  When the housing bubble began to burst, investors ran away from mortgage-backed securities.  This caused the bank to steadily lose money on it's existing pool of non-performing assets (foreclosures) and not be able to successfully fund new loans.  IndyMac, with assets of $32 billion and deposits of $19 billion, is the fifth bank to fail this year.

If you are interested in bank owned Charlotte real estate and surrounding area properties, search our database now for incredible deals being offered.