The market doesn’t necessarily agree: Its shares plunged 24 percent to a meager sixty-two cents, down 98 percent on the year. And its having something of a run on the bank.
…Elizabeth Brown closed four accounts totaling $200,000 Monday at an Arcadia branch where about 20 customers were lined up at noon, saying: “The only reason I’m panicking is if anything happens, my money is tied up.
“I don’t want to take the chance,” said Brown, 62, of Temple City. “I’m going to put my money somewhere else, and if they come back, I’ll come back.”
IndyMac is the subject of a devastating new report on its lending practice back in the bubble’s bad old days by the Center for Responsible Lending’s Mike Hudson, a former Wall Street Journal staffer who beat the world on subprime abuses.
We’ll have more to say on this valuable report later.