Remember this last year? It was when IndyMac went bankrupt and was taken over by Big Government. Now it's actually called IndyMac Federal Bank!
So what happens to any enterprise or industry when those most incompetent, unionized bureaucrats take over?
Yeah....things get even worse.
When I was down in Naples last week my buddy remarked that his brother was living in a condo for the past 18 months without paying his mortgage.
I asked who the lender was.
You guessed it, "IndyMac".
This is no anomaly. I've read some time ago that those other Big Government financiers, Fannie and Freddie Mac, didn't even list a loan as *delinquent* until it had been for a full two years - never mind initiate a foreclosure proceeding. We all know how *efficient* government is, right?
Meanwhile, there are going to be some clowns who really luck out. I'll bet scores of deadbeats will be able to stay in
If only I had the foresight/balls to stop paying rent and the brains to figure out a way to forestall eviction...