Bank Failures – IndyMac Seized
July 12th, 2008I said months ago that there would be be bank failures from this fiasco. If anyone has any money, they need to be sure it is in an insured account and this includes retirement accounts. This is the biggest so far, but others are on the same banana peel. Wachovia and Wamu are two other large banks that are in danger.
Latest victim of mortgage crisis, IndyMac taken over
By Jonathan Burton & John Letzing, MarketWatch
Last update: 8:31 p.m. EDT July 11, 2008
Comments: 438
SAN FRANCISCO (MarketWatch)– IndyMac Bancorp Inc. became the biggest casualty of the subprime mortgage crisis on Friday, as federal regulators shut down the troubled Pasadena, Calif.-based savings bank in one of the largest U.S. bank failures ever.
The Federal Deposit Insurance Corp. said in a statement it will take over operations of IndyMac
, which will open for business on Monday as IndyMac Federal Bank. The thrift had total assets of $32.01 billion as of March 31.
Regulators seize IndyMac Bank
Updated 55m ago | Comments113 | Recommend16
LOS ANGELES (AP)— IndyMac Bank’s assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.
The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said.
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….And the importance of being sure you are covered……………………
“Some 10,000 depositors had funds in excess of the insured limit, for a total of $1 billion in potentially uninsured funds, the FDIC said.”
