This is crazy, and HUGE news in the subprime meltdown. It’s also not at all surprising, as Indymac was one of the big players who would give a loan anyone on anything.
------ Forwarded Message
From: Inman News Flash <newsflash@inman.com>
Date: Fri, 11 Jul 2008 16:12:42 -0700
To: Rob Schwertley <rschwertley@soundpublishing.com>
Subject: {Disarmed} News Flash: Feds close down IndyMac Bank
NEWS FLASH
Feds close down IndyMac Bank In the biggest bank failure of the housing downturn to date, federal banking regulators today closed IndyMac Bank FSB, naming the Federal Deposit Insurance Corp. as conservator. ... Read full story here <http://www.inman.com/news/2008/07/11/feds-close-down-indymac-bank> .
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2 comments:
Very interesting and informative post.
The formerly high-flying WaMu is next on the list, just wait. Stock price from $40-something down to $3-something lately. Those shareholders were just as clueless as the borrowers and lenders. Yeah, when the high-flying was going on, I heard the comment, "You're just overly-cautious; this is the new age of finance." Uh huh.
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