Indymac bank closing

Posted: Sun Jul 13, 2008 3:03 pm Post subject: Indymac bank closing

http://www.fdic.gov/bank/individual/failed/IndyMac.html

Was looking at an amazing documentary on the credit crisis
in the US and the dropped the name of the bank that has my Mothers reverse mortgage, Financial freedom, who is owned by Indymac.
Indymac was just taken over by the federal government on Friday after all their bad subprime loans came to bite em in the you know what.
Seems as if there are two stories out their about the reverse mortgage side of heir business and I was hoping someone with the financial chops to put my mind at ease.

It is a horrible deal she got with these crooks, she gets 320.00 a month and pays over 500.00 in interest and service charges.

I called one day to see how we could have the loan stopped and the very rude young lady on the phone stated I had to pay off the principle (111,000.00) needless to say I do not have that kinda cash stowed away.

If anyone can give me a best and worst case scenario I would appreciate it, I just want to be prepared for either course.

The documentary btw was Maxed Out Hard Times easy Credit, it was on showtime, will open your eyes to the crooks at your credit card company ......

Thanks for the ear....