Sale of IndyMac Good For Financial Freedom? (Poll)

I thought it would be interesting to get RMD readers response to the sale of Indymac to a “consortium” of private equity companies. Do you think the new owners will be good for Financial Freedom?

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While it might be to early to tell what’s going to happen, Financial Freedom should be in a better position to grow by not being in the FDIC’s hands.  Also, not having to explain to borrowers that your parent company was taken over by the FDIC should help too…  

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  • Given the narrow “Yes, No” choice, it would seem to me that Financial Freedom might well be better off waiting for an appropriate buyer, one closer to the industry, rather than being operated by the identified consortium of the parent’s buyers; but then there have been no sucessful buyers for the reverse mortgage arm of the bank in the past six months. Not certain what the mortgage bank’s future will be.

  • Mr. RMD: Your poll choices are incomplete. You should have a third choice–Different Buyers. Very
    poor selection, designed to slant results. You should be ashamed.

  • FF was once the New England Patriots of the RM industry. IndyMac single handedly destroyed it in an unbelievably short time. FF’s downslide began because Perry/IndyMac did not have the proper insight into how the reverse mortgage industry really runs. His disdain for RM Retail reps was the first of many signs that he did not “get it”. Eventually for FF to thrive, they need an owner the understands the intricasies of reverse mortgage industry. They should wait until the proper owner comes along.

  • Dear Admin: I’m strictly talking about the objectivity
    of your poll. I read RMD and write comments because I have such a high respect for the knowledge contained
    therein. I am proud to tell others in the RM Industry
    that I daily read RMD to learn more about the Industry
    in which I work and recommend they do as well. If
    I begin to think RMD is at times a “tool” to get
    slanted results for others, I shall stop reading
    immediately. Honesty is a big issue for all Seniors.
    Since I am not privy to what Investors have contacted the FDIC about buying FF, I have no answer. As I’ve stated before on RMD, my objection to hedge funds buying FF is based on the fact that hedge funds are not now regulated by the SEC. Lack of oversight of Wall Street by the SEC has put our Country’s financial situation in a very precarious condition. Not a few Seniors have been financially davastated by this mistake.

  • RC – I see your point, I just wonder how much input (if any) Financial Freedom had in the sale. IndyMac is their owner so I don’t think the FDIC went to Michelle Minier and said, who would you like to be sold to?

    James – As always, thanks for supporting RMD and passing along the information on to others. I see your point but I think private equity is going to play in big role in getting banks out of trouble in the next year. Yes, they may have been part of the problem, but having IndyMac and Financial Freedom sit in the hands of the FDIC isn’t helping anyone fix/grow a business.

  • Admin. It doesn’t matter whether it’s Perry or Minier. Neither one truly understood the RM industry as exhibited by their performance. The only reason FF became strong was through the clear vision (extreme patience) and caring nature of Mahoney. Hopefully he has a part in FF’s future again.

  • As a former employee of FF, and strictly speaking from an employee perspective, I tend to believe that ending the ‘limbo’ of a temporary transition home under FDIC is for the best. While the buyer may or may not prove to be the best fit for FF, which is too early to really tell anyway, my personal belief is that it’s simply less painful to be in limbo than it is to be on a path to resolving uncertainty.

    Best of luck to the team that has hung in there this long and hope the new ownership is successful in their investment.

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