Today, the FDIC said Indymac customers should expect “business as usual”, but some things will be very different. The LA Times is reporting that consumers home equity loans and lines of credit to commercial construction contractors will be frozen pending a review.
Financial Freedom customers can breathe a sigh of relief because John Bevenzi, an FDIC official who was named chief executive said that IndyMac’s reverse mortgage subsidiary will retain unfettered access to their funds. This is great news because I know several RMD readers were worried about their customers loans that they had already closed with Financial Freedom in the past. All construction loans made to individual consumers will also not be affected. To read a copy of the LA Times article, click the link below.