Mike PouraryanThe Failure of Indymac
Throughout the last few days, there has been quite a bit of talk about the failure of IndyMac. The bank was a local California bank that specialized in non-conventional mortgages. The house of cards came falling down on Friday. Now, there is talk of at least 159 other U.S. Banks failing. There was reporting on it in the International Herald Tribune, which the Huffington Post also picked up on. This talk is quite distrubing and frankly bothersome. Such talk does NOTHING but perpertuate the fear and anxiety already out there. The regulators have to do their jobs and do understand how tough things are. As for us outsiders, we just have to pray that somehow the psunami that we're faced with will not impact us too much and that we will survive it.
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