12 July 2008

FDIC Seizes IndyMac

Ye', Angelo "The Tanned One" Mozilo's other project IndyMac bank has been seized by the FDIC. It is the second largest bank failure ever.

Note that IndyMac was not subprime lender, they did "Alt-A" loans which are the bottom end of the prime market.

We will be seeing more of this.

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