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Sunday, July 13, 2008

IndyMac, largest lender of alt-A loans, collapses




July 13 2008 Best-Mortgage-Companies.com
On Friday July 11, the Office of Thrift Supervision transferred control of IndyMac to the Federal Deposit Insurance Corp. because it did not think the lender could meet its depositors' demands.
IndyMac is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said after taking control of the bank.
As of March 31, IndyMac had $19.06 billion in total deposits.
During the housing boom earlier in the decade, IndyMac was one of the largest lenders of alt-A loans — mortgages given to customers with minor credit trouble or that did not have the proper documentation to receive a traditional, prime loan.
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