Indymac Bank Closes down
The late breaking news on Friday was the the Fed’s taking over control of Indymac Bank, the largest bank to fail since 1991.
“Federal regulators closed Pasadena, Calif.-based Indymac Bank late Friday — the shuttering of the largest bank nationwide since the Savings & Loan Crisis in 1991, and a move that will affect two Atlanta operations centers.
The closure also marks the second-largest closure of a bank since 1934, according to the Federal Deposit Insurance Corp.
In a unique twist, IndyMac Bank’s closure is blamed, in part, by the public disclosure of a letter by U.S. Sen. Charles Schumer (D-N.Y.), expressing concern about the bank’s ability to operate going forward.”
See “Fed shuts down IndyMac Bank, two Atl centers impacted” Atlanta Business Chronicle by Joe Rauch
If you are currently refinancing, or buying, and you are working with IndyMac directly or through a broker, you will need to act fast to get your financing switched over to a new lender that is still in business. Check you loan status immediately to confirm that you are not affected by this closure.
I have many great loan programs available, and can get started right away. Rates have improved slightly over the past week, so you may have an opportunity to get a lower rate than what was previously offered.
If you need help, have questions, or need to have a loan placed quickly, please call for the latest news.