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IndyMac Bank
Who: IndyMac Bank
What: Fifth bank failure of 2008 (July 11, 2008)
Where: Pasadena, California
Why: Losses on defaulted mortgages made at the height of the housing boom.
Fast Facts: At the time of closing, IndyMac was the second largest bank failure in U.S. history (currently stands as the third largest after the failure of Washington Mutual); the FDIC was named conservator and transferred insured deposits and all assets of IndyMac Bank to IndyMac Federal Bank; at the time of closing, IndyMac had about $1 billion of potentially uninsured deposits with approximately 10,000 depositors; as of March 31, 2008, IndyMac had $32.01 billion in total assets and $19.06 billion in total deposits; the takeover of IndyMac is costing the FDIC between $4 billion and $8 billion.
Related Article:
Does IndyMac presage a slew of failures?
Comments
By Mark Ferguson(2) | Posted 4:46pm | April 14, 2009
IndyMac gets what they have coming.
Me and my wife own two homes. Both homes are worth more than we owe. IndyMac bought one of the loans a while back. We are current and have been current all along, never late on a single payment.
They send us a letter because we are refinancing one of the homes to consolidate two other bills and lower our outgoing expenses by $630.00 each month.
I waited 45 minutes on the telephone so they could, intentionally, hang up on me when I was a bit derisive about their BS statement in their letter that they would meet or beat rates.
IWO, they will lose this loan, one that is paid each month, because they essentially lied and were absolutely rude.
When we refinance the second house I will do what I can to never do business with them ever again.
They do not want loans that are current and paid and have received what they asked for and I have no sympathy for them.
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