Thursday, June 26, 2008

Senator Schumer Concerned about IndyMac

by Bill McBride on 6/26/2008 09:32:00 PM

From the WSJ: Schumer Asks Regulators For Greater IndyMac Scrutiny (Thanks to all!)

Sen. Charles Schumer sent letters to federal regulators asking them to monitor more closely the financial health of IndyMac ...

The New York Democrat wrote that he is "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac or minimize the damage should such a failure occur."
Here is the AP story: Schumer: concerned over IndyMac stability

I'm very surprised a letter like this was made public. And I'm surprised a U.S. Senator is mentioning a specific bank. Oh well, anyone with more than the FDIC insured limit deposited with IndyMac has had ample warning.