Federal Regulators Swoop in and Seize IndyMac
Second-largest bank takeover in U.S. history Citing a run by depositors on the California mortgage lender, which left them short on cash, federal regulators rushed in and took over IndyMac. It's the second largest seizure of a financial institution in U.S. history, behind Continental Illinois in 1984. The consequences of the seizure are more money will need to be raised to shore up the FDIC program, which is the backup plan if a bank fails. According to a statement by the FDIC, the failure of read
The second largest bank failure in the history of the U.S. means about 1 billion in lost deposits held by 10,000 customers as reported by CNN Money. Accordingly, the Indymac website has a new look. The LA Times has pictures of customers lining up outside the bank, looking inside and here’s a picture of employees loading up their car with brown cardboard boxes. Just before their demise, Indymac was offering high rates for their Certificates of Deposit. The LA Times asks an interesting questio read
I know some old friends from IndyMac read sometimes my blog. If you need some help, references, support, shoulder to cry on, etc, please feel free to contact me… Email me, or call me at home (I’m still in the same place as when I worked there…plus I’m in the book). For the rest of you reading this who haven’t heard, this link pretty much says it all. In short, IndyMac has “failed” and been taken over by the FDIC. This is the second largest bank failure in US history… Say read
I'm not talking about hurricanes either. IndyMac Bancorp, a California based bank ,is insolvent. It's an FDIC bank with about 18 billion in deposits....read this from bankimplode.com: Referring to today’s press release on The IMB Report, Indymac’s company web site, an LA Times report refers to “a weekend that saw depositors line up at some of its San Gabriel Valley branches to pull their money, as they reacted to news reports questioning the company’s survival.” Indymac’s article responds with read
The Wall Street Journal: IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators, in the third-largest bank failure in U.S. history. IndyMac is the biggest mortgage lender to go under since a fall in housing prices and surge in defaults began rippling through the economy last year — and it likely won’t be the last. Banking regulators are bracing for a slew of failures over the next year as analysts say housing prices have yet to read
