So I was going about my business this afternoon, actually writing a blog about the June 2008 Real Estate stats in Sacramento (which will be posted immediately after I am done typing this), when suddenly I had 5 or 6 emails right around 4:10pm regarding the fate of Indymac Bank. Can't help but post something about it...it's pretty big news.
Wow...I do not bank at Indymac, nor do they hold my mortgage paper. But apparently this week so many of Indymac's depositors withdrew their money after news spread that they were shutting down their mortgage operations, that it left the bank "short on cash." Today, federal banking regulators today closed IndyMac Bank FSB, naming the Federal Deposit Insurance Corp. as conservator. Its newly created successor, IndyMac Federal Bank, which will be operated by the FDIC...supposedly people who bank there will still have access to their deposits via ATM's over the weekend.
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