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July 18, 2008
Regulators Seize IndyMac Bancorp
The FDIC has taken over IndyMac Bancorp after the bank continued to lose huge amounts of money daily from depositors. The agency will operate the bank while trying to sell it. With $32 billion in assets as of late March, the IndyMac failure represents one of the largest collapses in the history of U.S. banking. An inability to sell off a portion of its Alt-A mortgage loans started creating problems for IndyMac at the tail end of last year.
Posted by S. Germain at July 18, 2008 08:12 AM