Feds cite Schumer in collapse of IndyMac-UPDATED!
By
robert108
on July 13, 2008 at 06:42 pm
9 Comments
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If only the Dems wanted this country to succeed, instead of trying to destroy our economy for partisan political purposes. If only the Dem Party would come back to America!
This just in:
Yeah, just imagine.
An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank’s failure. In simple language, federal regulators blamed Schumer for a run on the bank.
Here’s from the press release issued by IndyMac’s regulator, the Office of Thrift Supervision: “The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
“This institution failed today due to a liquidity crisis,” OTS Director John Reich said. “Although this institution was already in distress, I am troubled by any interference in the regulatory process.”
[...]
If only the Dems wanted this country to succeed, instead of trying to destroy our economy for partisan political purposes. If only the Dem Party would come back to America!
This just in:
Was Schumer's Attack On Indymac Coordinated with 'activist' group?
Clarice Feldman
CNBC is suggesting that Senator Schumer's unprecedented role in breaking Indymac, a Pasadena bank, was part of a coordinated scheme with The Center for Responsible Lending , as usual, a name from a far left "public interest" operation which, as is often the case, disguises its objectives and operations. It is for anything but responsible klending practices, in my opinion. (See this.)
"The Center for Responsible Lending issued an attack on Indymac within a few days of Schumerʼs letter. CRL is part of a small army of left of center ʽresearchʼ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers.
[...]
Just imagine how much damage Schumer and his party will do should they control all three branches of the federal government.
Yeah, just imagine.
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