Comments on: Kip Clip #16 http://www.kipesquire.net/2008/09/kip-clip-16/ A Stitch in Time Saves Nine ... But Haste Makes Waste Mon, 29 Nov 2010 16:02:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Brian Miller http://www.kipesquire.net/2008/09/kip-clip-16/comment-page-1/#comment-7243 Brian Miller Wed, 10 Sep 2008 02:35:20 +0000 http://www.kipesquire.net/?p=5670#comment-7243 Sorry Kip, but IndyMac was toast for a while -- people knew it was in trouble for 12 months. How could it survive? It was one of the largest purveyors of "liar loans" (Alt-A no doc mortgages). Will you give me a mortgage for $3 million? I make $1 million a year, I swear! (That was about all the documentation a no-doc mortgage required). With that sort of cash burn, IndyMac's failure was a foregone conclusion. Chuck just stated the obvious for all the complete morons who still had money locked up in the institution, which had earned a dismal rating from TheStreet.com months before its end. Sorry Kip, but IndyMac was toast for a while — people knew it was in trouble for 12 months.

How could it survive? It was one of the largest purveyors of "liar loans" (Alt-A no doc mortgages).

Will you give me a mortgage for $3 million? I make $1 million a year, I swear!

(That was about all the documentation a no-doc mortgage required).

With that sort of cash burn, IndyMac's failure was a foregone conclusion. Chuck just stated the obvious for all the complete morons who still had money locked up in the institution, which had earned a dismal rating from TheStreet.com months before its end.

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