This afternoon after the close of business, federal regulators seized IndyMac Bank. The bank had laid off a substantial portion of it's work force earlier this week and closed it's loan department. This is big news for the Arroyo Seco, as IndyMac is headquartered in Pasadena. The bank will re-open it's doors on Monday under FDIC control.
Not only does it impact the thousands of workers directly affected, but it impacts the whole lending and real estate market. Home loans will be harder to find (banks all over are discontinuing loan programs, making them more difficult to get), and as a direct result, more expensive as well.
IndyMac today, and tomorrow? My money says Countrywide is next.
Update: IndyMac was pulling it together, it seems, and actually stood a chance until an elected official voiced his concerns in public sparking a panic. Here's the story.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment