"Federal regulators say they have taken control of Pasadena-based IndyMac and will transfer control to the FDIC."
Battered by bad loans, and a declining balance sheet, IndyMac is viewed as all but worthless by investors, who drove its stock down to just $.28/share today prior to word of the federal takeover. The shares had peaked at $50.11 in 2006.
The federal take over of the bank comes just four days after IndyMac announced that, at the request of federal regulators, it was exiting the mortgage business and laying off more than half of its staff.
Friday, July 11, 2008
Federal regulators take control of IndyMac
The L.A. Times reports:
