Friday, July 11, 2008

Bye IndyMac

CR tells me to check the failed bank list. And I do. And I see that Indymac is officially a "failed bank."

..and we have a story.

IndyMac Bancorp Inc., 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 Pasadena, Calif. 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.

Their specialty was Alt-A loans, which is the category where many "liar loans" found their home.