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U.S. Shuts Big Bank As Crisis Intensifies
Wall Street Journal ^ | July 11, 2008 | Damian Paletta and David Enrich

Posted on 07/11/2008 4:18:12 PM PDT by politicket

IndyMac Bank, 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.

IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. ...

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: bank; banks; congress; democrats; fed; indymac; schumer
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The chips are beginning to fall...
1 posted on 07/11/2008 4:18:12 PM PDT by politicket
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To: politicket
Did this story get released after the market closed? That's not a good sign.
2 posted on 07/11/2008 4:19:06 PM PDT by the invisib1e hand
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To: the invisib1e hand

The story was released at 6:59 p.m. EST. You’re right, IndyMac is just a precursor of what’s coming.


3 posted on 07/11/2008 4:21:22 PM PDT by politicket
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To: politicket

How bad do you think it will get?


4 posted on 07/11/2008 4:21:59 PM PDT by proudofthesouth (Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
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To: politicket

The libs told the banks that if you they didn’t loan money to sub-prime borrowers, the majority of whom were minorities, then they were “racist”. So the forced them to loan the money to people who couldn’t pay it back. And that’s where we are...

Back to you, Chet.


5 posted on 07/11/2008 4:22:22 PM PDT by Signalman
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To: politicket
From the article:

In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.

Can't wait to see Shumie wiggle on this one.

6 posted on 07/11/2008 4:23:25 PM PDT by groanup (Most of my cliche's aren't original.)
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To: Bobkk47
Political correctness is rapidly killing this country.

I'm 51 years old. I NEVER thought I would live to see its destruction but I probably will. God help the children of this country.

7 posted on 07/11/2008 4:24:43 PM PDT by proudofthesouth (Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
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To: proudofthesouth
How bad do you think it will get?

Fannie Mae and Freddie Mac will probably go under. The Fed's just allowed them access to the discount window today, but that is like putting out a forest fire with a squirt gun.

I also wouldn't be surprised to see Lehman, Citibank, and UBS either go under or suffer irreparable harm. UBS is located in Sweden.

The bank failures are going to seem small potatoes once the derivatives market starts unwinding.
8 posted on 07/11/2008 4:25:55 PM PDT by politicket
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To: politicket

Information for IndyMac Bank, F.S.B., Pasadena, CA [failed bank alert]


9 posted on 07/11/2008 4:28:10 PM PDT by Brian S. Fitzgerald
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To: politicket
The bank failures are going to seem small potatoes once the derivatives market starts unwinding.

What can folks do to protect their assets?

10 posted on 07/11/2008 4:28:20 PM PDT by Fury
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To: politicket

Friday, too. Nothing happens on the weekend, but this story might make WSJ radio Saturday show.


11 posted on 07/11/2008 4:28:25 PM PDT by RightWhale (I will veto each and every beer)
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To: politicket

can you develop your logic for the end of world a little bit better?


12 posted on 07/11/2008 4:28:41 PM PDT by the invisib1e hand
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To: politicket

Last Fall I told my elderly Mom to get out of the market and sell everything she had. She didn’t listen to me and she may very well loose everything she has invested.


13 posted on 07/11/2008 4:28:59 PM PDT by proudofthesouth (Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
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To: the invisib1e hand

Always travel with towel.


14 posted on 07/11/2008 4:29:48 PM PDT by bvw
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To: politicket; All
The bank failures are going to seem small potatoes once the derivatives market starts unwinding.

This is "fire in a theater" talk. What rock have you been hiding under for the last year?

15 posted on 07/11/2008 4:30:04 PM PDT by the invisib1e hand
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To: groanup
Thanks Democrats! Let's see if you can get that approval rating even LOWER now that you are actively running banks out of business and putting thousands out of work!

BTW, the director of the OTS is John Reich, who once served as Chief of Staff to Sen. Connie Mack. He is no wallflower and he's taking it to Schumer on this one. Schumer also had a lot to do with the collapse of Countrywide.

16 posted on 07/11/2008 4:30:24 PM PDT by Dems_R_Losers (Obama is a Neocommunist)
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To: politicket

bttt


17 posted on 07/11/2008 4:30:25 PM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: Fury
What can folks do to protect their assets?

Commodities. Own the oil well. If oil wells are nationalized, you will own the shirt on your back.

18 posted on 07/11/2008 4:30:26 PM PDT by RightWhale (I will veto each and every beer)
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To: RockinRight

I hope you don’t work for this bank....


19 posted on 07/11/2008 4:31:25 PM PDT by raybbr (You think it's bad now - wait till the anchor babies start to vote!)
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To: Bobkk47

And you won’t hear Bush or any Republican state this fact, right David?


20 posted on 07/11/2008 4:31:36 PM PDT by gathersnomoss (General George Patton had it right.)
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