Mortgage lender IndyMac Bancorp Inc, became the latest bank to collapse after U.S. banking regulators swooped in to seize control on Friday after withdrawals by panicked depositors. IndyMac is a company that was pretty much 100 percent invested in mortgage assets, and it currently had no capital in today's bad mortgage market.
IndyMac will reopen fully on Monday as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision and I anticipate there will be long queues for cash withdrawals when it reopens.
http://uk.reuters.com/article/usTopNews/idUKWA000014120080713
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Those with multiple accounts under $100,000 are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.
ReplyDeleteI am sad to hear that.
ReplyDeleteIndyMac Is Included In FBI Fraud Inquiry
ReplyDeletehttp://online.wsj.com/article/SB121625259779860275.html