Saturday, July 12, 2008

IndyMac seized as financial troubles spread

Indy Jane who at this time is not implicated in one of the largest financial failures in U.S. history.

WASHINGTON (Reuters) - U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc (IMB.N) on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history.

California-based IndyMac, which specialized in a type of mortgage that often required minimal documents from borrowers, became the fifth U.S. bank to fail this year as a housing bust and credit crunch strain financial institutions.

The federal takeover of IndyMac capped a tumultuous day for U.S. markets that saw stocks slide on a surging oil price and renewed fears about the stability of the top two home financing providers, Fannie Mae (FNM.N) and Freddie Mac (FRE.N).

h/t the wife

Bobby Murcer dies at 62.

He was my favorite cub...I cried when he was traded back to the Yankees ( I was nine). He wasn't a great player, but he was a very good one and always a gentleman. I miss him.

Tony Snow dead at 53.

WASHINGTON - Tony Snow, a conservative writer and commentator who cheerfully sparred with reporters in the White House briefing room during a stint as President Bush's press secretary, died Saturday of colon cancer. He was 53.

"America has lost a devoted public servant and a man of character," President Bush said in a statement from Camp David, where he was spending the weekend. "It was a joy to watch Tony at the podium each day. He brought wit, grace, and a great love of country to his work."