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John M Reich

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BUSINESS
July 12, 2008 | Kathy M. Kristof and Andrea Chang, Times Staff Writers
The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history. Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door.
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BUSINESS
July 16, 2008 | Andrea Chang, E. Scott Reckard and Kathy M. Kristof, Times Staff Writers
Depositors of failed IndyMac Bank endured long waits in the summer heat for a second day Tuesday, with crowds becoming irate at several branches and customers with large accounts complaining of serious problems in getting their money. Banking experts said the chaotic scenes risked touching off runs on other banks unless federal regulators quickly cashed out insured accounts and gave depositors accurate information about their funds. The Federal Deposit Insurance Corp.
BUSINESS
November 21, 2007 | From the Associated Press
Companies that collect mortgage payments could earn $500 for every loan they modify to avoid default under a plan developed by the federal regulator of the nation's savings and loans. As millions of adjustable-rate home loans approach reset dates on which monthly mortgage payments will soar, Office of Thrift Supervision Director John M. Reich says his agency's plan could help lower the default rate for homeowners who are in good standing but face financial problems after their loans reset.
BUSINESS
August 16, 2008 | E. Scott Reckard, Times Staff Writer
Former IndyMac Bank workers who blame Sen. Charles E. Schumer for the collapse of the large Pasadena thrift have found an ally in their quest to hold the New York Democrat to account: a public relations firm with a Republican-heavy client list.
BUSINESS
February 27, 2009 | William Heisel
Federal regulators ignored repeated warning signs about Pasadena's IndyMac Bancorp., and their failure to prevent the mortgage lender's collapse last summer cost the Federal Deposit Insurance Corp. $10.7 billion, according to a government report released Thursday. The report by the Treasury Department's inspector general said regulators should have seen that IndyMac was built on a house of cards -- shaky loans based on inflated property values.
BUSINESS
February 28, 2009 | William Heisel
After selling her Orange County home, Cheryl Hodgson parked an escrow check for about $360,000 with IndyMac Bancorp. Less than a month later, the Pasadena-based thrift was seized by the federal government -- and Hodgson lost $130,000. "I looked around at the interest rates and saw that IndyMac was offering a really good rate," Hodgson said. "You would think someone at the bank could have explained to me that I was putting in money well above the insurance limit."
BUSINESS
December 6, 2007 | Maura Reynolds and Jonathan Peterson, Times Staff Writers
Seeking to gird the nation's economy against a potential tidal wave of foreclosures, the Bush administration will release a plan today that is expected to block many mortgages from adjusting to higher rates for as long as five years. Administration officials acknowledged privately Wednesday that the plan was likely to face objections from low-income borrowers who won't be helped, and from investors who backed now-troubled sub-prime home loans that are at the heart of the mortgage crisis.
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