IndyMac Bank was seized by the Federal Government on July 11, 2008. All of its assets were seized and its retail branches were closed. The bank will reopen on Monday under the control of the FDIC. The bank has been in trouble because of its exposure to the subprime lending crisis and the mortgage market meltdown. IndyMac CEO had released a plan to save the bank then a US Senator made some public remarks encouraging the US Government to bail the bank out, once his comment was released to the public, depositors made a run on the bank to remove their money. This caused the bank to fail.

We really have some smart people in Congress. (sarcasm!) FDIC insures deposits up to $100,000. There are about 10,000 depositors that have more than the $100,000. FDIC said there was enough in assets to give them half of their deposits above the $100,000.

Here is a link to a news story on the bank failure http://www.bloomberg.com/apps/news?pid=20601087&sid=aJnm4ytT0T7U&refer=home

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713