Monday, July 14, 2008

IndyMac Seized by Regulators, 2nd Largest Bank Failure Ever!

Late yesterday, the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) “took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.” The bank has succumbed to “huge losses from defaulted mortgages made at the height of the housing boom”

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