IndyMac Bank is the fifth FDIC-insured failure of the year - Savings - Checking - CDs Article - banks, indymac bank, fdic

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IndyMac Bank is the fifth FDIC-insured failure of the year

Article Submitted by: ktexas
Savings - Checking - CDs

Tags: Banks, Indymac bank, Fdic, Bank failure.

The Feds have finally stepped in. Hope everyone who follows BCC had under the FDIC insured limits. There were definitely plenty of warnings.

Here's the first part of the FDIC's press release:

IndyMac Bank, F.S.B., Pasadena, CA, was closed today by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was named conservator. The FDIC will transfer insured deposits and substantially all the assets of IndyMac Bank, F.S.B., Pasadena, CA, to IndyMac Federal Bank, FSB. Brokered deposits will be held by the FDIC and those insured deposits will be paid off when the insurance determination is complete. IndyMac Bank, FSB had total assets of $32.01 billion and total deposits of $19.06 billion as of March 31, 2008. As conservator, the FDIC will operate IndyMac Federal Bank, FSB to maximize the value of the institution for a future sale and to maintain banking services in the communities formerly served by IndyMac Bank, F.S.B.

Submitted: Jul 11, 2008 Views: 1111 Comments: 1 Likes: 1

View Article: http://www.fdic.gov/news/news/press/2008/pr08056.html

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Comments Received:

Anonymous
(Unregistered)

Wondering if

These bad loans were made worse by lenders trying their best to make loans to illegal aliens? Even now the banks advertise taking a loan to give your fifteen year old daughter a coming out (quinsineta) party!? How ironic. What a stupid thing to borrow money for... and it is still going on. The legal citizens get stuck with the bill while the lenders who made fat cash get bailed out and the illegal goes back to Mexico with a truck load of furniture that we will pay for!

Where is the journalist who will investigate where the money went? Who will uncover and expose the enormous influence these corporate monsters have exerted over OUR government?

Posted: Jul 13, 2008

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