Regulators Seize IndyMac In The Second Largest Bank Failure In U.S. History

Regulators Seize IndyMac In The Second Largest Bank Failure In U.S. History

Ever hear of IndyMac Bancorp? Well, it’s gone! Federal regulators seized the California bank spawned by Countrywide founder Angelo Mozilowhich, which had giddily doled out mortgages to lenders without requiring proof of income. Rather than blame the second largest bank failure in U.S. history on the subprime meltdown, the charmingly politicized regulators at the FDIC blamed the bank’s demise on Senator Charles Schumer (D-NY). Huh?