Indy Mac News Today

With the recent implosion of FTX, we need to focus on the truths about IMBs versus crypto, fintechs and new nonbanks in the market.

On June 21, the Detroit City Council postponed its scheduled vote on billionaire investor Dan Gilbert’s real estate company Bedrock’s request for an a

Know, i think they all get through. they just dont have the numbers to be able to not allow them. >> but get through bruised. >> absolutely. the minority partys job to start to take a stance on who they are going forward. it starts when you are in the minority. thats how you build. >> stick with us for a second. a lot to get through. another big hearing today. treasury secretary nominee steve mnuchin. former goldman sachs banker turned hollywood member. democrats could hit at another job. onewes...

Steven mnuchin, and the other for rick perry to lead the energy department. we want to listen in to steve mnuchin giving his statement. >> extended offer 100,000 loan modifications to delinquent born owers to try to help them out of a bad situation. i am proud of the fact that loan modifications started at indy mac under the leadership of the fdic. however, the fdicoan modification program did not work for everyone. when the fdic took over indy mac, they estimated more than half of foreclosures ...

And independent government reviews routinely shows we had the most effective loan modifications of any bank. if we had not bought indy mac bank, it likely would have been broken up and sold in pieces to private investors where the outcome for consumers could have been much more bleak. overall i helped many homeowners stay in their homes and escape financial ruin through my management of one west bank. my experience confirmed that we must identify and eliminate unwise and burdensome policies whic...

Goldman sachs, bought a bank called indy mac, changed the name of that bank and foreclosed on 36,000 people. thats different from passively taking advantage of a bad market because you happen to be a savvy investor like john paulson did. that will be tough. if you were talking about draining the swamp, youre bringing in not on millionaires and billionaires but people who are not very much in touch with the people who elected you. wilbur ross owned the sego mine in which a number of miners died a...

Inventive companies. you have steve mnuchin and he became a financier in hollywood in the financial crisis. he was one of the investors who picked up indy mac. elizabeth warren strong in her criticism in steve mnuchin and donald trump in this pick. >> the american people are furious over what wall street has done. they dont want somebody who will come in here and say, hey, lets help wall street. what donald trump is doing is he is literally handing the keys to the treasury over to a wall street ...

People. you mentioned anthony scaramucci started his career there. you have steve manchin, hes left. you mentioned bannon its a long tradition back to the 1920s that goldman sachs and investment banks that when you get successful you give service to government. goldman was the gold standard of investment banks, during the financial crisis it for for good reason, gained a bad reputation. so the problem with steve mnuchin and wilbur ross as treasury secretary and commerce secretary respectively is...

Pull their money out of back called indy mac. and he said ive seen this before. we are going to make money on this. im going on buy you that bank. it was indy mac. it was a failed bank. i think it was one of the biggest bank failures in the history of the united states to that point. steve mnuchin bought with it john paulson. he bought with it george soros and he rebranded it. one west is what it is called now. and i think it was profitable within a few months. the fdic guaranteed after a certai...

Taken out 15 billion of bank revenue. neither one is good for the economy. >> mark, it doesnt take much to cause a run on the bank. back in 2008 when the banks were in trouble we saw runs on indy mac and that bank doesnt exist anymore. >> you are absolutely right. the problem here is simple. earnings here are up in the banks and revenues are down. banks are trying to recapture the revenue and doing it in the wrong way. they are raising fees on consumers who cant afford it. here is a proem that t...