HousingPANIC Quote of the Day

"I believe we have turned a corner and that our business is improving"

-Disgraced and soon-to-be-arrested former IndyMac CEO Michael Perry, just weeks before his company collapsed and was seized by the US government, April 2008

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.

Oh, gee, we didn't see this coming. Toxic lender IndyMac reports loss five times higher than projected

Sarbanes-Oxley? SEC investigation?

Jailtime for cocky lying CEO Michael Perry?

Remember the last call when they didn't come clean, and said Alt-A would be fine? Lies. Bald-faced lies. Damn, my IndyMac puts covered before they came clean. But rest assured, this pig is done - going to zero. They were called "liar's loans" for a reason folks. And they ain't gettin' paid back. And IndyMac knew that.

IndyMac loss dwarfs own forecast

NEW YORK (Reuters) - IndyMac Bancorp Inc (NYSE:IMB - News), one of the largest independent U.S. mortgage lenders, posted a quarterly loss on Tuesday that was more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in demand to buy its home loans.

The parent of IndyMac Bank, one of the largest U.S. savings and loans, halved its dividend and said another cut is possible if it loses more money. It also quadrupled its reserves for bad loans.

"It's going to be a tough year, year and a half," Chief Executive Michael Perry said on a conference call.

IndyMac used to specialize in "Alt-A" home loans, which often go to people who can't fully document income or assets.