So everyone was so worried about things when IndyMac Bank went under.  Well now for the interesting news.  Since the FDIC took over IndyMac Bank, they have now announced that the bank will begin systematically modifying loans for those homeowners most at risk of foreclosing so they can stay in there homes.

If I was in trouble with my mortgage and my loan was with IndyMac, I would have felt like I was holding the winning lottery ticket. 

If I was in trouble and my loan wasn’t with IndyMac, I would be hoping my bank was going to go under,  so the government could bail me out.

This is the first real sign of the government stepping in directly to help borrowers in trouble, and it took the failing of a bank to give them enough control to force the issue.  Let’s see if the government starts putting more pressure on other banks to follow suit.

If you think the financial world will come to an end here soon and we are in big trouble, think again.  The government has shown they will step in when needed.  Look at the latest with Fannie Mae and Freddie Mac.

The FDIC, six weeks after taking over mortgage lender IndyMac Bank, said Wednesday that it will start systematically modifying some of the bank’s most troubled loans to keep borrowers in their homes. The Federal Deposit Insurance Corp. said it has started to send out the first of what will be an estimated 25,000 letters to borrowers most seriously delinquent on their loans. The goal of the modifications: to provide borrowers with affordable payments so they can stay current on their mortgages and remain in their homes, while at the same time minimizing losses to investors in securities backed by the loans.