IndyMac Bank financial failure

Started by RobertoG • 2 replies • 1156 views

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RobertoG
Posts: 10

Posted:

We have loose money on the IndyMac financial failure, Our Treasury and President does not want to inform the homeowners about it. Do you think that the homeowners should be informed about it?
Our association is on California

BrianB
Posts: 2,787

Posted:

they should be informed just like they would be informed of any other monetary loss. It is the fiduciary responsibility of the board to do so. to do otherwise might be grounds for malfeasance.

GlenL
Posts: 5,429

Posted:

This is why we make sure not to go over the FDIC insurance limit and have accounts with multiple banks. For people not familiar with the FDIC this doesn't mean multiple accounts under $100,000 at any one bank even if the accounts are at multiple branches. This is an aggregate amount under your TIN (Taxpayer Identification Number). For more concise information go to: http://www.fdic.gov/

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