Property Grunt

Tuesday, July 15, 2008

Real estate chatter: Buyers remorse

I heard this from a source who works at a financial institution that is famous for hunting a well known Grizzly. When Indymac, well when there was an Indymac, was in full swing, they were offering 5% on their accounts. When his customers told him that they were pulling their money out and going to Indymac, his response was go right ahead but if the s**t hit the fan don't come to him to wash it off. It appears the s**t did not hit the fan. It was the whole septic tank.

One of the saddest things is that even though Indymac was based out in the West Coast, there was alot of people all over the country doing their banking online with them. If these people had known a little earlier what was about to go down, they may have been able to pull their money out just in time. Watch your banks folks.

Just from reading about the cash lines, I feel like I am experiencing something out of the Great Depression. And I can't believe they are attempting to rescue Fannie and Ginnie.

How will we be able to afford this? Can we afford this?