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.

I'm back... I see toxic lender IndyMac is toast, laying off 1/2 their staff, and Fannie and Freddie are likely insolvent. So what else did I miss?

Ho-hum, another day, another corrupt housing-bubble-company meltdown. Or two. Or three.

Goodbye Indymac employees. Thanks for orchestrating one of the greatest financial frauds in American history. Thousands more of you lost your jobs today, but like Angelo Mozilo at Countrywide, your kingpin of fraud (aka "liar's loans"), CEO Michael Perry, still walks the earth a free man.

Hopefully not for much longer.

The Great Unwinding is here folks. Right on schedule.

See it live. Right before your eyes. Every day. For a long, long time to come.

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.

FLASH: Alt-A "Liar's Loan" king IndyMac admits there's no market for Alt-A loans anymore, "market panicking"

Panic? Did I hear that right? Panic?

Hmmm... And when there's "no market" or "no bid" for something, doesn't that mean the value of that something has just plummeted? Mark to Market anyone? Isn't anyone auditing IndyMac?

(note - I'm short IMB and waiting for the traditional closing up shop and mass layoff announcement)

Impac CEO: No bids for Alt-A

Joseph Tomkinson, head of Impac Mortgage Holdings in Irvine, said his company had to abandon Alt-A loans, which has been its focus since its founding in 1995, because there is no market for the loans right now.

“Right now there is no bid for it,” Tomkinson said. “There should be a bid, but there is no bid. People are taking a breather to see where the market is going. You have a market that is just panicking.”

Impac will switch gears dramatically and try and sell loans to Fannie Mae and Freddie Mac. It used to sell a lot of loans to Fannie but stopped amid intense competition, Tomkinson said. The REIT has to go back to Fannie and Freddie because they’re the only ones buying, he said.