IndyMac Bank
About IndyMac Bank
IndyMac Bank, a Pasadena based mortgage lender, failed on July 11, 2008, the fourth largest bank failure in US history at the time. IndyMac specialized in alt-A mortgages, a category between prime and subprime. The bank had 32 billion in assets. Depositors withdrew 1.5 billion in two weeks after Senator Charles Schumer published a letter questioning IndyMacs solvency. The FDIC seized the bank and estimated losses at 8.9 billion. IndyMac became a political symbol of the mortgage crisis. The bank was sold to a private equity group and renamed OneWest Bank. IndyMacs failure foreshadowed the wave of bank failures that peaked in September 2008.
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