Chapter 1061: 1061
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Little Versailles in Beverly Hills.
The classical conference room is full of people. Andy sits in the main seat and looks down at the details of IndyMac federal bank, which is handed to the think tank by the Federal Deposit Insurance Corporation.
The number of members of the think tank group from New York has reached 50. The most important thing is that the branch size of IndyMac federal bank has reached 33, even though 3800 employees have been laid off before taking over, which is half of the number of IndyMac bank. He needs enough people to complete the acquisition in a short time.
After hitting a high of $50.11 a share on May 8, 2006, IndyMac's share price plunged 87% in 2007 and has plummeted 95% again this year. On the last trading day before the collapse, its shares closed at $0.28.
The U.S. federal government expects to lose up to $8 billion from IndyMac bank, which makes FDIC eager to find a "takeover man" to take over the bank. Due to a wave of bank failures, the time is quite urgent.
Of IndyMac's major assets, $23.5 billion are commercial loans, mortgages and subprime loans. Whoever takes over the bank will face great risks.
"I have convinced FDIC to sell IndyMac for about $1.5 billion, including its branches, deposits and assets.
FDIC also agreed to sign a loss sharing agreement...... "
when hearing al's bland tone, Andy's hand turned over the data and looked at al with a little hesitation. He said uncertainly," loss sharing agreement? "
Alvertriel smiled calmly and confidently and said: "actually, this is what I thought temporarily when I was negotiating with FDIC. These guys didn't want to be idle during the period when they took over IndyMac bank. They not only sold a large number of subprime housing loans to reduce their deficit, but also wanted to provide a large number of similar housing loans for Fannie Mae and Freddie Mac, and the securitization issued by the latter 's mortgage prices have been plummeting, and I warn them that if they do, we will refuse to buy.
Based on the detailed information provided by them, we estimate that the total assets of IndyMac bank are US $32 billion, and the actual assets (loans minus deposits) are US $13.9 billion.
Our advantage is cash payment. I told them that if we want to pay more cash, we will not accept some assets with serious problems.
Finally, FDIC agreed to hold some assets with more serious problems, and agreed to sign a risk sharing agreement. According to the agreement, once the total loss of IndyMac bank's loan portfolio exceeds 30%, FDIC will bear 95% of the loss. "
Andy's eyes brightened and he couldn't help laughing:" that is to say, I only need to spend $1.5 billion to complete the acquisition of 33 branches, deposits and assets of IndyMac bank! "
"We also need about $1.3 billion in capital injection to pay in advance the loss risk of our 5% loan portfolio!"
"They have too much courage! Don't they worry that we can get rid of the burden of high-risk loans? " Andy can't help exclaiming at the courage of the FDIC group.
Know that under normal procedures, even if the borrower violates the terms of the loan, the bank will usually try to avoid losses. For example, repossession of real estate, car and other collateral auction, and the loss sharing agreement means that the future loss will be borne by the government.
"Ha ha, it's not that they are bold, but they have no way. They have paid 1.3 billion yuan of deposit insurance compensation in the past two weeks. At present, there is no fixed price to measure the value of those loan portfolios. The financial market has stopped. Everyone doesn't want to buy anything. The FDIC has to sign a risk sharing agreement, but that doesn't change the same thing The fact of taking significant risks. "
"Ha ha, it's OK. It's 1.3 billion yuan... Ha ha, it's really interesting. It's another 1.3 billion yuan. Anyway, it's not my money. It's all from the Federal Reserve. If I lose it, I'll lose it. That's good. Ha ha ha, that's good. I've made a lot of money by buying IndyMac bank with 33 branches and 9.6 billion deposits with 1.5 billion yuan. Let them take the money to pay for it. "
Andy slaps the table and laughs. Everyone else in the conference room has an unnatural corner of their mouth. NIMA, is the boss really speechless and irresponsible? From the very beginning, I made up my mind to get rid of FDIC!
Well, it seems that FDIC in this pit has to jump even if it doesn't.
"Ha ha, I think so too!" Alvette smiled innocuously, then handed Andy a document and said, "this is my three-step strategic plan to take over IndyMac bank."
Andy is in a good mood now. He can't hide his big white teeth because his smile is more and more bright. He takes over the documents handed by Al and starts to read them.
"In fact, to achieve the goal of quick turnaround, we only need to quickly handle the non-performing loans and other assets of IndyMac bank. Anyway, the loss sharing agreement signed by FDIC will make our work much easier.In fact, we have done the first two steps. For example, the first step is to complete the acquisition as soon as possible, and the second step is to establish the bank's asset base by taking over other failed banks. For example, we have taken over Miami Valley Bank, Douglas National Bank of Missouri, Hume Bank of Missouri. In the future, we can continue to purchase the failed small banks to expand Branch, in order to establish the third step of market share to lay a good foundation.
Finally, repackage these assets into a new institution, a new bank! In the first mock exam, the new bank's business has returned to a single mode to avoid the non-traditional mortgage business that led to the bankruptcy of the Indo Mike bank, making it the main provider of premium loans and equal priority loans.
The last step I didn't write down is that whether you want to turn it into a private bank or go public again, it will strengthen your capital ability and make it a stable deposit source! "
Andy looked at the plan, sighed, closed it and pressed his right hand on it. He looked at his chief consultant of the think tank with great satisfaction in his eyes and said, "if it wasn't for the think tank, I really want you to be the CEO of the new bank."
"Boss, to be honest, I'm not suitable to run a new bank when dealing with non-performing loans and other assets in the future. What we need is a master who can peddle and destroy the economy!"
Hearing al's words, Andy's face changed a little and his expression became dignified, while other members of the think tank looked at their own head of the think tank with dignified face. They were a little surprised and didn't understand why his head proposed the choice direction of this kind of person.
"That's right. We need someone who can stand in the way of blatant robbery to tap the profits in risk sharing agreements and encourage foreclosure to trigger loss sharing agreements..."
Al is like saying something unimportant. The smile on his face hasn't disappeared. Even Andy and other people have been greatly changed by his coldness.
To be honest, Andy didn't want to use his own bank to trigger the loss sharing agreement, because the foreclosure means to evict people from their houses and the bank gets the real estate, which will make his new bank notorious. Maybe in the future occupation of Wall Street, Andy Smith will also be one of the main objects to be protested.
Andy may not feel much about watching others make homeless people, but his bank makes such things by itself. To be honest, he really hesitates.
In a pair of deep eyes of Al, there was a flash of brilliance. He saw the young big boss who had been touching his chin and looking down. He was very clear that the heart of big boss was not cold enough. The philosophy of life that a successful capitalist needs to implement is the supremacy of interests. Inexplicable tenderness of heart and compassion would only miss the opportunity. His pupil slightly shrank. Al said lightly: "Silver As long as the bank realizes 50% of the foreclosure, the FDIC expects a total loss of $10 billion on IndyMac bank, which can be put into your pocket if we want. "
ps: concerns WeChat official account (limaoxs666)
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Little Versailles in Beverly Hills.
The classical conference room is full of people. Andy sits in the main seat and looks down at the details of IndyMac federal bank, which is handed to the think tank by the Federal Deposit Insurance Corporation.
The number of members of the think tank group from New York has reached 50. The most important thing is that the branch size of IndyMac federal bank has reached 33, even though 3800 employees have been laid off before taking over, which is half of the number of IndyMac bank. He needs enough people to complete the acquisition in a short time.
After hitting a high of $50.11 a share on May 8, 2006, IndyMac's share price plunged 87% in 2007 and has plummeted 95% again this year. On the last trading day before the collapse, its shares closed at $0.28.
The U.S. federal government expects to lose up to $8 billion from IndyMac bank, which makes FDIC eager to find a "takeover man" to take over the bank. Due to a wave of bank failures, the time is quite urgent.
Of IndyMac's major assets, $23.5 billion are commercial loans, mortgages and subprime loans. Whoever takes over the bank will face great risks.
"I have convinced FDIC to sell IndyMac for about $1.5 billion, including its branches, deposits and assets.
FDIC also agreed to sign a loss sharing agreement...... "
when hearing al's bland tone, Andy's hand turned over the data and looked at al with a little hesitation. He said uncertainly," loss sharing agreement? "
Alvertriel smiled calmly and confidently and said: "actually, this is what I thought temporarily when I was negotiating with FDIC. These guys didn't want to be idle during the period when they took over IndyMac bank. They not only sold a large number of subprime housing loans to reduce their deficit, but also wanted to provide a large number of similar housing loans for Fannie Mae and Freddie Mac, and the securitization issued by the latter 's mortgage prices have been plummeting, and I warn them that if they do, we will refuse to buy.
Based on the detailed information provided by them, we estimate that the total assets of IndyMac bank are US $32 billion, and the actual assets (loans minus deposits) are US $13.9 billion.
Our advantage is cash payment. I told them that if we want to pay more cash, we will not accept some assets with serious problems.
Finally, FDIC agreed to hold some assets with more serious problems, and agreed to sign a risk sharing agreement. According to the agreement, once the total loss of IndyMac bank's loan portfolio exceeds 30%, FDIC will bear 95% of the loss. "
Andy's eyes brightened and he couldn't help laughing:" that is to say, I only need to spend $1.5 billion to complete the acquisition of 33 branches, deposits and assets of IndyMac bank! "
"We also need about $1.3 billion in capital injection to pay in advance the loss risk of our 5% loan portfolio!"
"They have too much courage! Don't they worry that we can get rid of the burden of high-risk loans? " Andy can't help exclaiming at the courage of the FDIC group.
Know that under normal procedures, even if the borrower violates the terms of the loan, the bank will usually try to avoid losses. For example, repossession of real estate, car and other collateral auction, and the loss sharing agreement means that the future loss will be borne by the government.
"Ha ha, it's not that they are bold, but they have no way. They have paid 1.3 billion yuan of deposit insurance compensation in the past two weeks. At present, there is no fixed price to measure the value of those loan portfolios. The financial market has stopped. Everyone doesn't want to buy anything. The FDIC has to sign a risk sharing agreement, but that doesn't change the same thing The fact of taking significant risks. "
"Ha ha, it's OK. It's 1.3 billion yuan... Ha ha, it's really interesting. It's another 1.3 billion yuan. Anyway, it's not my money. It's all from the Federal Reserve. If I lose it, I'll lose it. That's good. Ha ha ha, that's good. I've made a lot of money by buying IndyMac bank with 33 branches and 9.6 billion deposits with 1.5 billion yuan. Let them take the money to pay for it. "
Andy slaps the table and laughs. Everyone else in the conference room has an unnatural corner of their mouth. NIMA, is the boss really speechless and irresponsible? From the very beginning, I made up my mind to get rid of FDIC!
Well, it seems that FDIC in this pit has to jump even if it doesn't.
"Ha ha, I think so too!" Alvette smiled innocuously, then handed Andy a document and said, "this is my three-step strategic plan to take over IndyMac bank."
Andy is in a good mood now. He can't hide his big white teeth because his smile is more and more bright. He takes over the documents handed by Al and starts to read them.
"In fact, to achieve the goal of quick turnaround, we only need to quickly handle the non-performing loans and other assets of IndyMac bank. Anyway, the loss sharing agreement signed by FDIC will make our work much easier.In fact, we have done the first two steps. For example, the first step is to complete the acquisition as soon as possible, and the second step is to establish the bank's asset base by taking over other failed banks. For example, we have taken over Miami Valley Bank, Douglas National Bank of Missouri, Hume Bank of Missouri. In the future, we can continue to purchase the failed small banks to expand Branch, in order to establish the third step of market share to lay a good foundation.
Finally, repackage these assets into a new institution, a new bank! In the first mock exam, the new bank's business has returned to a single mode to avoid the non-traditional mortgage business that led to the bankruptcy of the Indo Mike bank, making it the main provider of premium loans and equal priority loans.
The last step I didn't write down is that whether you want to turn it into a private bank or go public again, it will strengthen your capital ability and make it a stable deposit source! "
Andy looked at the plan, sighed, closed it and pressed his right hand on it. He looked at his chief consultant of the think tank with great satisfaction in his eyes and said, "if it wasn't for the think tank, I really want you to be the CEO of the new bank."
"Boss, to be honest, I'm not suitable to run a new bank when dealing with non-performing loans and other assets in the future. What we need is a master who can peddle and destroy the economy!"
Hearing al's words, Andy's face changed a little and his expression became dignified, while other members of the think tank looked at their own head of the think tank with dignified face. They were a little surprised and didn't understand why his head proposed the choice direction of this kind of person.
"That's right. We need someone who can stand in the way of blatant robbery to tap the profits in risk sharing agreements and encourage foreclosure to trigger loss sharing agreements..."
Al is like saying something unimportant. The smile on his face hasn't disappeared. Even Andy and other people have been greatly changed by his coldness.
To be honest, Andy didn't want to use his own bank to trigger the loss sharing agreement, because the foreclosure means to evict people from their houses and the bank gets the real estate, which will make his new bank notorious. Maybe in the future occupation of Wall Street, Andy Smith will also be one of the main objects to be protested.
Andy may not feel much about watching others make homeless people, but his bank makes such things by itself. To be honest, he really hesitates.
In a pair of deep eyes of Al, there was a flash of brilliance. He saw the young big boss who had been touching his chin and looking down. He was very clear that the heart of big boss was not cold enough. The philosophy of life that a successful capitalist needs to implement is the supremacy of interests. Inexplicable tenderness of heart and compassion would only miss the opportunity. His pupil slightly shrank. Al said lightly: "Silver As long as the bank realizes 50% of the foreclosure, the FDIC expects a total loss of $10 billion on IndyMac bank, which can be put into your pocket if we want. "
ps: concerns WeChat official account (limaoxs666)
Little Versailles in Beverly Hills. The classical conference room is full of people. Andy sits in the main seat and looks down at the details of IndyMac federal bank, which is handed to the think tank by the Federal Deposit Insurance Corporation. The number of members of the think tank group from New York has reached 50. The most important thing is that the branch size of IndyMac federal bank has reached 33, even though 3800 employees have been laid off before taking over, which is half of the number of IndyMac bank. He needs enough people to complete the acquisition in a short time. After hitting a high of $50.11 a share on May 8, 2006, IndyMac's share price plunged 87% in 2007 and has plummeted 95% again this year. On the last trading day before the collapse, its shares closed at $0.28. The U.S. federal government expects to lose up to $8 billion from IndyMac bank, which makes FDIC eager to find a "takeover man" to take over the bank. Due to a wave of bank failures, the time is quite urgent. Of IndyMac's major assets, $23.5 billion are commercial loans, mortgages and subprime loans. Whoever takes over the bank will face great risks. "I have convinced FDIC to sell IndyMac for about $1.5 billion, including its branches, deposits and assets. FDIC also agreed to sign a loss sharing agreement...... "when hearing al's bland tone, Andy's hand turned over the data and looked at al with a little hesitation. He said uncertainly," loss sharing agreement? " Alvertriel smiled calmly and confidently and said: "actually, this is what I thought temporarily when I was negotiating with FDIC. These guys didn't want to be idle during the period when they took over IndyMac bank. They not only sold a large number of subprime housing loans to reduce their deficit, but also wanted to provide a large number of similar housing loans for Fannie Mae and Freddie Mac, and the securitization issued by the latter 's mortgage prices have been plummeting, and I warn them that if they do, we will refuse to buy. Based on the detailed information provided by them, we estimate that the total assets of IndyMac bank are US $32 billion, and the actual assets loans minus deposits are US $13.9 billion. Our advantage is cash payment. I told them that if we want to pay more cash, we will not accept some assets with serious problems. Finally, FDIC agreed to hold some assets with more serious problems, and agreed to sign a risk sharing agreement. According to the agreement, once the total loss of IndyMac bank's loan portfolio exceeds 30%, FDIC will bear 95% of the loss. "Andy's eyes brightened and he couldn't help laughing:" that is to say, I only need to spend $1.5 billion to complete the acquisition of 33 branches, deposits and assets of IndyMac bank! " "We also need about $1.3 billion in capital injection to pay in advance the loss risk of our 5% loan portfolio!" "They have too much courage! Don't they worry that we can get rid of the burden of high-risk loans? " Andy can't help exclaiming at the courage of the FDIC group. Know that under normal procedures, even if the borrower violates the terms of the loan, the bank will usually try to avoid losses. For example, repossession of real estate, car and other collateral auction, and the loss sharing agreement means that the future loss will be borne by the government. "Ha ha, it's not that they are bold, but they have no way. They have paid 1.3 billion yuan of deposit insurance compensation in the past two weeks. At present, there is no fixed price to measure the value of those loan portfolios. The financial market has stopped. Everyone doesn't want to buy anything. The FDIC has to sign a risk sharing agreement, but that doesn't change the same thing The fact of taking significant risks. " "Ha ha, it's OK. It's 1.3 billion yuan... Ha ha, it's really interesting. It's another 1.3 billion yuan. Anyway, it's not my money. It's all from the Federal Reserve. If I lose it, I'll lose it. That's good. Ha ha ha, that's good. I've made a lot of money by buying IndyMac bank with 33 branches and 9.6 billion deposits with 1.5 billion yuan. Let them take the money to pay for it. " Andy slaps the table and laughs. Everyone else in the conference room has an unnatural corner of their mouth. NIMA, is the boss really speechless and irresponsible? From the very beginning, I made up my mind to get rid of FDIC! Well, it seems that FDIC in this pit has to jump even if it doesn't. "Ha ha, I think so too!" Alvette smiled innocuously, then handed Andy a document and said, "this is my three-step strategic plan to take over IndyMac bank." Andy is in a good mood now. He can't hide his big white teeth because his smile is more and more bright. He takes over the documents handed by Al and starts to read them. "In fact, to achieve the goal of quick turnaround, we only need to quickly handle the non-performing loans and other assets of IndyMac bank. Anyway, the loss sharing agreement signed by FDIC will make our work much easier.In fact, we have done the first two steps. For example, the first step is to complete the acquisition as soon as possible, and the second step is to establish the bank's asset base by taking over other failed banks. For example, we have taken over Miami Valley Bank, Douglas National Bank of Missouri, Hume Bank of Missouri. In the future, we can continue to purchase the failed small banks to expand Branch, in order to establish the third step of market share to lay a good foundation. Finally, repackage these assets into a new institution, a new bank! In the first mock exam, the new bank's business has returned to a single mode to avoid the non-traditional mortgage business that led to the bankruptcy of the Indo Mike bank, making it the main provider of premium loans and equal priority loans. The last step I didn't write down is that whether you want to turn it into a private bank or go public again, it will strengthen your capital ability and make it a stable deposit source! " Andy looked at the plan, sighed, closed it and pressed his right hand on it. He looked at his chief consultant of the think tank with great satisfaction in his eyes and said, "if it wasn't for the think tank, I really want you to be the CEO of the new bank." "Boss, to be honest, I'm not suitable to run a new bank when dealing with non-performing loans and other assets in the future. What we need is a master who can peddle and destroy the economy!" Hearing al's words, Andy's face changed a little and his expression became dignified, while other members of the think tank looked at their own head of the think tank with dignified face. They were a little surprised and didn't understand why his head proposed the choice direction of this kind of person. "That's right. We need someone who can stand in the way of blatant robbery to tap the profits in risk sharing agreements and encourage foreclosure to trigger loss sharing agreements..." Al is like saying something unimportant. The smile on his face hasn't disappeared. Even Andy and other people have been greatly changed by his coldness. To be honest, Andy didn't want to use his own bank to trigger the loss sharing agreement, because the foreclosure means to evict people from their houses and the bank gets the real estate, which will make his new bank notorious. Maybe in the future occupation of Wall Street, Andy Smith will also be one of the main objects to be protested. Andy may not feel much about watching others make homeless people, but his bank makes such things by itself. To be honest, he really hesitates. In a pair of deep eyes of Al, there was a flash of brilliance. He saw the young big boss who had been touching his chin and looking down. He was very clear that the heart of big boss was not cold enough. The philosophy of life that a successful capitalist needs to implement is the supremacy of interests. Inexplicable tenderness of heart and compassion would only miss the opportunity. His pupil slightly shrank. Al said lightly: "Silver As long as the bank realizes 50% of the foreclosure, the FDIC expects a total loss of $10 billion on IndyMac bank, which can be put into your pocket if we want. " ps: concerns WeChat official account limaoxs666
