I\’d love to own a share of Prospect Mortgage because they\’re going to pull out of this ok. Prospect Mortgage, backed by private equity fund Sterling Partners, said that with the closing of the deal, it expects to become one of the nation\’s largest independent retail mortgage companies. In a statement posted June 30 on the bank\’s online blog, Communications Director Grove Nichols said that more than 96 percent of IndyMac\’s approximate $19 billion in deposits are fully insured by the FDIC. Larger accounts can likewise be broken apart into ones, allowing the account holders to better maximize FDIC insurance coverage.

depositors are protected, according to Andrew Gray, a spokesman for the federal agency. The stock slid a penny to 43 cents in after-hours trading. \” Prospect Mortgage agrees to buy majority of IndyMac branches. \”For joint accounts, the cap is $200,000, and those with retirement accounts are covered for up to $250,000, according to Gray.

That covers most of IndyMac\’s depositors - but not all of them. That\’s the question many IndyMac customers are asking after the bank announced Tuesday that it will cut its work force by more than half and will no longer offer fixed-rate home mortgages. \’s retail mortgage branches for undisclosed terms. Now would be a great time to own a stake in Prospect Mortgage, even in a sliding market.

In most cases, the money is safe. \”But you can get substantially more coverage with retirement accounts or joint accounts. As an FDIC-insured bank, IndyMac Bancorp Inc. Prospect Mortgage, a company specializing in buying midsize residential lenders, said Tuesday it agreed to buy the majority of IndyMac Bancorp Inc.

But what happens if the bank fails? What recourse would depositors with more money parked in IndyMac accounts have?\”If a financial institution fails, those people with uninsured deposits become creditors of the financial institution,\” Gray explained. IndyMac may be sliding but their portfolio looks safe with Prospect Mortgage set to snap them up. Prospect Mortgage is buying up troubled mid-sized lenders. \”They could still receive a portion back through assets that are sold off by the bank.

Shares of IndyMac closed down 27 cents, or 38 percent, at 44 cents. The deal includes about 750 employees along with more than 60 branch offices which will be rebranded as Prospect Mortgage. On Monday, mortgage lender IndyMac said it halted accepting new loan submissions in its main mortgage lending divisions and plans to cut its work force by more than half.

5 billion from $152 million a year earlier. Analysts think those losses are bound to mount as more borrowers default on their home loans. Countrywide's near collapse reflect edthe troubles of the overall US housing market and the big lender

Brown's office said the lawsuit, filed in Los Angeles Superior Court, also seeks unspecified restitution for homeowners who were allegedly conned into risky, costly loans they did not understand by brokers desperate to meet unrealistic production goals. The suit further

The layoffs were announced to employees in Seattle at a conference call Friday. The Seattle thrift declined to confirm that it's cutting more workers but spokeswoman Darcy Donahoe-Wilmot said in a statement: "I don't have any details to share

Still, Obama's house purchase refuses to fade into the background. The Obama loan was unusually large, known in banker lingo as a "super super jumbo". But yesterday, The Washington Post revealed that, shortly after joining the US Senate and

IndyMac bank had been sent into freefall after comments by Democratic Senator Charles Schumer last month concerning the bank's health prompted a flood of customer withdrawals. Charles Schumer (D-NY), expressing concern about the bank's ability to operate going forward.

CIT Group Inc. As a result of the sale, this business will now recorded as a discontinued operation, the company said. CIT Group, which has reported four consecutive quarterly losses, said Tuesday it will sell its home-lending businesses to

Meet Alexa Ray Joel daughter of Billy Joel and Christie Brinkley. Alexa Ray Joel, Christie Brinkley’s daughter with musician Billy Joel, has praised her mother’s handling of her divorce from Peter Cook, WENN reports. I think that is admirable.

, and "I am reassured they are on top of the situation. , has been ravaged by the housing market meltdown. The Pasadena, Calif. "Schumer said Tuesday that he had spoken with Treasury Secretary Henry Paulson and Sheila Bair, chairman

The site is already the favorite of over 2,000,000 unique monthly visitors, and is the fastest growing free online dating site in America. You do not have to reply to all of them, as your mailbox may be filled

Russert joined NBC News in 1984. Y. He will be missed as he was loved - greatly. Russert was born in Buffalo, N. NBC News political analyst Tim Russert collapsed and died at work Friday, his colleague Tom