R.I.P. IndyMac
As several of you may already know, IndyMac is toast. I guess you had to know any spin-off of Countrywide wasn’t going to be a huge success.
WASHINGTON (Reuters) - U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. …
IndyMac will reopen fully on Monday as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision, but tensions ran high as customers at a branch at its Los Angeles-area headquarters read a notice in the window saying it was closed.
At another branch down the road, a man who said he had more than $200,000 (100,000 pounds) in an account — twice what is normally FDIC guaranteed — argued with a security guard who was closing up.
The FDIC, which will seek a buyer for IndyMac, estimated the cost of the bank’s failure to its $53 billion insurance fund at between $4 billion and $8 billion.
The FDIC has set up a call center for those with accounts at IndyMac. Call 866-806-5919. The IndyMac Web site, which now has FDIC info on it, will be up and running Monday. The L.A. Times also posted a FAQ for customers, which is very, very helpful. Good luck!
Posted on Saturday, July 12th, 2008
Under: Mortgage Mania, The Market | 2 Comments »



