FDIC shuts down Indymac

by Mike Mueller on July 11, 2008

Straight from the FDIC:

On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA (”assuming institution”) a newly chartered full-service FDIC-insured institution.  No advance notice is given to the public when a financial institution is closed. 

And that allows me to share one of the few interesting tidbits of trivia you never knew about Indymac.

This from the CA Department of Real Estate Records

http://twitpic.com/3mn1

Love to hear your comments…
http://seesmic.com/v/p1vD23X6LJ

  • Huh? Mike what are you saying - that Indymac was Countrywide?
  • That was pretty fast. Just last week they were re-structuring and cutting jobs. I read the OTS made a statement that Sen Schumer's letter was responsible for the run on the bank. All those people who lost their jobs should be writing letters to Schumer and run him out of Congress.

    As for the picture, why is that surprising? I mean, IndyMac was part of Countrywide before.
  • Gina Gardner
    Mortgage News Daily on the connection:

    As in much of the fall-out from the prodigal mortgage lending, many roads seem to lead to Countrywide Mortgage. The company, which is about to be sold to Bank of America, established the bank in 1985 to specialize in jumbo mortgages that could not be sold to Freddie Mac or Fannie Mae. Countrywide and IndyMac severed their ties 12 years later, but IndyMac's CEO Michael Perry is said to remain a protege of Countrywide chief Angelo Mozilo.

    http://www.mortgagenewsdaily.com/7142008_IndyMa...
  • I recieved an email from my Account rep just that morning asking if I had any deals that I could send him, I guess that was a sign that 3 hours later I recieved another email from him that he was let go. talk about giving some one a warning!
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