The American Caliban (substitute) wrote,
The American Caliban
substitute
  • Mood: drained

Throw me the whip! No, throw me the mortgage!

IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators in one of the largest bank failures in U.S. history. The thrift was one of the largest savings and loans in the country, with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets. The bank will be run by the Federal Deposit Insurance Corp., a federal regulator, and will reopen Monday.

Via Wall St Journal

Edit: Additional comedy from the full article: IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. SO THERE'S NO CTRL-Z AMIRITE???
Tags: commerce, failure, mortgagebros, villainy
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