BREAKING: Bank Collapses. Feds cite Sen. Chuck Schumer as “immediate cause” of collapse

By: Erick Erickson (Diary)  |  July 11th at 06:05 PM  | 

Federal regulators just seized and shut down IndyMac, a major mortgage specialist. The Pasadena, Calif., thrift was one of the largest savings and loans in the country with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets. IndyMac specialized in Alt-A loans, | Read More »