HousingPANIC Quote of the Day

“I’ve read it in the press that Alt-A lending is ‘in between’ prime and subprime lending. Well, that’s true but not very accurate given the facts."

“Alt-A is not ’slightly’ less risky than subprime, it is a lot less risky"

- Toxic Liar's Loan (Alt-A) lender IndyMac's yet-to-be-arrested CEO Michale Perry in March 2007, 16 months before his mortgage-fraud-infested ponzi scheme of a company collapsed and was seized by the Federal government

(they called them "liar's loans" for a reason folks. And mortgage fraud used to be a crime in America.)

RUN ON THE BANK FLASH: Implode-O-Meter reports toxic lender IndyMac now under taxpayer (FDIC) control (UPDATE - THIS IS CONFIRMED)

UPDATE - IMPLODE-O-METER SCOOP IS NOW CONFIRMED BY THIS FDIC URGENT RELEASE:

IndyMac Bank, F.S.B., Pasadena, CA, was closed today by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was named conservator.

And any fool stupid enough to have more than the FDIC limits with Michael Perry and his gang of mortgage fraudsters, like his shareholders just lost everything

It's all coming apart now HP'ers.

All of it.

Quickly.

And HousingPANIC calls for the immediate arrest of IndyMac CEO Michael Perry for mortgage and banking fraud, securities fraud and Sarbanes-Oxley violations.

IndyMac under the control of FDIC

"The FDIC is in charge" was the verbal announcement ringing through the halls of IndyMac's Pasadena offices. "Everyone show up for work on Monday."

According to this source, $190 million was pulled in yesterday's run, and $100 million today.

Mr. Perry left for a haircut at 4:00 pm.