They're all insolvent. I laugh everytime I hear a talking head speak about no one wants to pair the fair value of these MBS assets.
By Jonathan Stempel NEW YORK (Reuters) - IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research) on Tuesday said depositors were withdrawing cash at an "elevated" pace after a prominent U.S. senator recently questioned the big mortgage lender's ability to survive the U.S. housing crisis. Shares of the largest independent, publicly traded U.S. mortgage lender fell as much as 52 percent. Paul Miller, a Friedman, Billings, Ramsey & Co analyst, said shareholders could be wiped out, and cut his price target for the parent of the IndyMac Bank thrift to zero per share from $1.00. "It's hard to gauge how this situation will resolve itself," said Christopher Wolfe, managing director at Fitch Ratings, which downgraded IndyMac on Tuesday. "We see a high likelihood of some kind of regulatory intervention occurring, which could result in asset dispositions, or the thrift going into receivership." In a regulatory filing, IndyMac said it still faces "elevated levels of deposit withdrawals" after Sen. Charles Schumer, a New York Democrat, late last month raised questions to regulators about a potential collapse. Mortgage rivals that have already met their demises include New Century Financial Corp NEWCQ.PK and American Home Mortgage Investment Corp AHMIQ.PK, which filed for bankruptcy protection last year. Countrywide Financial Corp avoided possible collapse when it was acquired last week by Bank of America Corp (BAC.N: Quote, Profile, Research). IndyMac said it is working with regulators on a new business plan after soaring credit problems resulted in $896 million of losses in the nine months ended March 31. The lender said it has $18 billion of deposits, of which more than 96 percent have Federal Deposit Insurance Corp insurance