LanceOregon
Moderator
Well, we finally had our first big bank fail today, and it thus had to be taken over by US Federal regulators. The bank was IndyMac Bank, which used to be a key national mortgage lender. They were an extremely big player in the California Real Estate market, which has been hit hard by the current Mortgage crisis.
According to the Federal Deposit Insurance Corporation, the failure will cost somewhere between $4 and $5 billion dollars to the Federal Deposit Insurance Fund. In addition, customers of the bank have up to $500 Million in funds in their accounts beyond the federal deposit insurance limit. Which means those folks have just lost a whopping half Billion dollars.
Is this not proof that the current economic times are bad? What affect will this have on our overall economy, if more and more major banks start to fail soon?
Do you believe that your bank is safe from going under due to this crisis? How can you be sure?
See this news story:
http://money.cnn.com/2008/07/11/news/companies/indymac_fdic/index.htm
.
According to the Federal Deposit Insurance Corporation, the failure will cost somewhere between $4 and $5 billion dollars to the Federal Deposit Insurance Fund. In addition, customers of the bank have up to $500 Million in funds in their accounts beyond the federal deposit insurance limit. Which means those folks have just lost a whopping half Billion dollars.
Is this not proof that the current economic times are bad? What affect will this have on our overall economy, if more and more major banks start to fail soon?
Do you believe that your bank is safe from going under due to this crisis? How can you be sure?
See this news story:
http://money.cnn.com/2008/07/11/news/companies/indymac_fdic/index.htm
.