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Saturday, July 12, 2008

IndyMac's foreclosure

IndyMac joined the ranks of other failed financial institutions to go under due to the current housing/financial crisis. IndyMac was yet another victim of its loose and shoddy lending practices that came back to haunt it.

FDIC took over of the bank yesterday. Most of the bank's customers, however, should not be impacted for too long.

IndyMac customers with funds in the bank were limited to taking out money via automated teller machines over the weekend, debit card transactions or checks, regulators said.

Other bank services, such as online banking and phone banking were scheduled to be made available on Monday.
....
The FDIC planned to reopen the bank on Monday as IndyMac Federal Bank, FSB.

Deposits are insured up to $100,000 per depositor.

The bank had about 10,000 depositors who had funds in excess of the insured limit, for a total of $1 billion in potentially uninsured funds.

Customers with uninsured deposits could begin making appointments to file a claim with the FDIC on Monday. The agency said it would pay unsecured depositors an advance dividend equal to half of the uninsured amount.

For details, see:

AP: Government shuts down mortgage lender IndyMac

FDIC IndyMac page

Toll-Free Customer line: 1-866-806-5919.

posted by Ruby @ 7:41 AM

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