Federal regulators yesterday took over struggling mortgage lender IndyMac Bank, the second-largest discontinuance ever of a U.S. pecuniary institution. IndyMac, which staggered this week under a pass on deposits, will reopen on Monday under federal jurisdiction as IndyMac Federal Bank FSB. Insured deposits there are safe.
Regulators estimated that the IndyMac crash will bring in the federal bank protection mine between $4 billion and $8 billion. IndyMac, one of the nation's largest lenders, got caught in the mortgage meltdown that has led to a wide-ranging reliability crisis.
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