IndyMac: Mini Bank Run, Thanks to Schumer

A run on the Pasadena thrift ends in one of the biggest financial failures ever.. " This institution failed today due to a liquidity crisis," John M. Reich, director. Schumer said in a statement that the cause of IndyMac's failure was "poor. in the bank, money she uses for her children, small bills and vacations.

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there was a run on the bank: Depositors withdrew more than $1.3 billion. Reich charged that Schumer "gave the bank a heart attack." In an e-mail Friday, Schumer said, "If OTS had done its job as.

After Shares Collapse, Mini Bank-Run Begins as UK Lender Counts Cost of Broken Trust by Don Quijones May 13, 2019 29 Comments Email to a friend This time it’s about the safe deposit boxes at Metro Bank.

An REO means a foreclosed home repossessed by the bank. Just say that, it’s clear and accessible to anyone reading..

OneWest Bank and IndyMac Bank are not the same entity. OneWest Bank was a newly created bank that purchased substantially all of the assets and some of the liabilities of IndyMac Federal Bank through the FDIC. There was no merger, so it is incorrect to refer to OneWest Bank as "OneWest Bank, FSB f/k/a IndyMac Bank, FSB" or similar.

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IndyMac Collapses Under Financial Woes. The run on IndyMac in the last couple of weeks probably accelerated the closure date. SEABROOK: But, now, the regulators are blaming Senator Schumer’s letter for these problems. Mr. ELY: Well, IndyMac’s problems are not the fault of Senator Schumer and they long predate the letter.

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 · And no one is pretending that IndyMac was untroubled before Mr. Schumer wrote his letter. The bank had suffered heavy losses in its mortgage portfolio and was openly seeking new private capital to shore up its balance sheet. But Mr. Schumer was not content merely to share his profound concern with regulators.

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 · Chuck Schumer was so concerned that people could be hurt by the weakening condition of IndyMac Bank that he wrote a letter to the Office of Thrift Supervision, telling them of his fears about IndyMac.