I would like to add to my observations in IndyMac Bancorp: Time to Take REOs Online.

I have to give credit to the REO management of Wells Fargo Bank (WFC). They advanced their market niche online by hiring Hudson to do “smart” auctions. Among those properties on auction block next month, Wells Fargo didn't even bother to give real estate brokers a chance to do regular listing and marketing. Some went to auction directly from court foreclosure steps.

I am both for and against IndyMac Bancorp (IMB). On the one hand, I approve of IMB's broad banking practice and believe that the company is well prepared for the current loan debacle. On the other hand, I have to question its REO operations, as, in my opinion, IndyMac Bancorp is very foolish and conservative on this front. These are the facts as I see them and will defend my belief if there is a misunderstanding.

It seems to me that our banking industry is NOT improving its conventional REO practices. The industry hasn't changed a bit even though the advent of cyberspace has changed our lives dramatically over the last 10 years. The same chaos is here as it was in 1990 when we had the RTC crisis.