"Government shuts down IndyMac"
The Associated Press writes "Government shuts down mortgage lender IndyMac", which says, "IndyMac Bank's assets were seized by federal regulators on Friday." AP says it is the second largest bank failure in history. The FDIC's letter may be seen here. FDIC's press release says, "IndyMac Bank, F.S.B., Pasadena, CA, was closed today by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was named conservator.... IndyMac Bank, FSB had total assets of $32.01 billion and total deposits of $19.06 billion as of March 31, 2008." AP adds, "Some 10,000 depositors had funds in excess of the insured limit, for a total of $1 billion in potentially uninsured funds, the FDIC said." See also Monday's WSJ article, which says, "[T]he percentage of uninsured deposits has doubled since 1992, climbing to about 37% of the nation's $7.07 trillion in deposits at the end of the first quarter."
