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| Indymac Seized By Federal Regulators |
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In what will go down as one of the largest
bank collapses in U.S. history, the Pasadena,
California based, IndyMac, was shut down by
Federal Regulators.
With a loss of depositors, who withdrew $1.3
billion dollars in the past 11 days, not to
mention an abysmal housing market, the weight
was too much bear for IndyMac.
A specialist in Alt-A loans, and a bank that
helped finance the U.S. housing boom of the
1990's, IndyMac was ultimately ruined by
defaults.
At one time, the bank reported $32 billion in
assets, but in 2008. Recent efforts saw
IndyMac cut over half of its work force to
raise capital, but it wasn't enough.
The Federal Deposit Insurance Corporation
will assume all operations starting Monday,
for what's left of IndyMac's customers.
http://www.EmploymentCrossing.com
Tags : "IndyMac" "IndyMac Seizure" Seized By Federal Regulators" "Pasadena CA" "largest bank collapses in U.S. history" "withdrew $1.3 billion dollars the past 11 days" "Alt-A loans" "U.S. housing boom of 1990's" "$32 assets" "reported its first loss 23 years" cut over half work force to raise capital" "Federal Deposit Insurance Corporation" "IndyMac's customers" |
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Affichage : 1777
Durée : 200 s |
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