Friday, July 11, 2008

Big Mac Attack - IndyMac Bank Seized

In a stunning announcement, The Office of Thrift Supervision announced that it has seized IndyMac's assets and transferred operations to the FDIC amidst fears that IndyMac was unable to meet its depositors' demands. IndyMac is the second largest financial institution to close in U.S. history. According to the IndyMac Bank website, all non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA ("assuming institution") a new FDIC-insured Federal Mutual Savings Bank. The announcement goes on to say that if the balance in your account(s) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank. Hmm, not sure what this means for my mortgage with IndyMac, but I think it means I don't have to pay back my mortgage and I now own my home free and clear! Sweeeet!

(Shhh, don't wake me from my dream)

Update 07/14/08: IndyMac reopens under control of Federal regulators

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