Housing Doom

From Bloomberg this morning:

Aug. 1 (Bloomberg) — IndyMac Bancorp Inc., the second- largest U.S. independent mortgage lender before it was seized by federal bank regulators three weeks ago, filed to liquidate its remaining assets under bankruptcy protection.

IndyMac’s liabilities are between $100 million and $500 million, according to the Chapter 7 filing yesterday in U.S. Bankruptcy Court in Los Angeles. The bank holding company said it has less than 50 creditors, which it didn’t list.

IndyMac was seized by U.S. regulators on July 11 after a run by depositors left the mortgage lender strapped for cash. The Federal Deposit Insurance Corp. is running a successor institution, IndyMac Federal Bank, and regulators have said they intend to eventually sell the seized bank.

The FDIC “has been in sole possession custody and control of all of the books and records of” IndyMac Bancorp and the court filing was made without access to information that bankruptcy laws typically require, Chief Executive officer Michael W. Perry said in court papers.

While banks are prohibited from filing for U.S. bankruptcy protection, bank holding companies aren’t. Perry is Pasadena, California-based IndyMac Bancorp’s sole remaining employee, according to the filing. The company has $50 million to $100 million in assets.

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It’s Friday, and troubles in the banking sector are starting to weigh heavy on bankers: [Thanks L!]

NEW YORK (Reuters) - Wall Street is reeling from losses, and bankers are fearful of losing bonuses at best and jobs at worst. But while New York braces for the economic fallout, one group is benefiting — psychotherapists.

Bankers suffering from anxiety or depression and looking for pills or deep therapy are making beelines for the couch. And for some it has gotten so bad they want to quit the money game forever.

Things have really gotten tough:

"What depresses more than loss of money is loss of prestige, loss of self-esteem, embarrassment and comparative failing in contrast with their peers," said T. Byram Karasu, a psychiatrist and Silverman Professor at the Albert Einstein College of Medicine at Yeshiva University, who has treated traders.

But all that expensive therapy isn’t appealing to some of the ultra-stressed.

The classic trader personality — aggressive, unemotional, and not prone to introspection — can make them difficult patients.

"They want quick fixes — and that’s a problem," said Cass.

For some only the meds will do.

"They just want some medication for anxiety and then never show up again," said Karasu.

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Enjoy a rare voice of reason: