On July 11, 2008, nervous investors withdrawing money from the California-based IndyMac bank forced the FDIC to seize control of the institution.Reuters: U.S. seizes IndyMac as troubles spread (July 12, 2008)
The fifth bank failure in the United States in 2008, the IndyMac failure contributed to a market already made uncertain by rumors of a potential Fannie-Freddie Bailout.Reuters: U.S. seizes IndyMac as troubles spread (July 12, 2008)
References
Fast Facts
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IndyMac called an "aggressive lender" by Jim CramerNBC News Video: Uncertainty Reigns (Time: 1:36)
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Situation called a "true run on the bank" by Jim CramerNBC News Video: Uncertainty Reigns (Time: 1:36)
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Investors had withdrawn $1.3bn in 11 days prior to takeoverBBC News: Key US mortgage lender goes bust (July 12, 2008)
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