IndyMac: Mini Bank Run, Thanks to Schumer

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This is basically what happened to IndyMac bank. From CNN: The banking regulator said it closed IndyMac after customers began a run on the lender following the [very public!] June 26 release of a letter by Sen. Charles Schumer, D-N.Y., urging several bank regulatory agencies that they take steps to prevent IndyMac’s collapse.

In 2008 IndyMac faced a bank run after Senator Schumers. – In 2008 IndyMac faced a bank run after Senator Schumer’s letters warning of problems at the bank became public. Over the 11 days following the public release of his letter depositors withdrew over $1.3 billion from IndyMac. Schumer was right; the bank was in trouble due to its mortgage holdings.

Indymac Raises 12 Month CD Rate to 4.30% APY. Author:. Looks like Indymac Bank had a mini bank run over the weekend due to recent concerns about their health that were aggravated by Senator Schumer.

Political IV: More On Schumer's Loose Lips – New york times reported that hedge fund managers have a new champion in their effort to keep legally dodging the taxes the rest of us pay: none other than New York Senator Charles Schumer. Now you know who is Schumer’s friend and why he caused the bank run on Indymac.

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Indymac: Schumer Caused Minor Bank Run. by Calculated Risk on 6/30/2008 05:36:00 PM. Indymac Responds to Letters Sent by Senator Charles Schumer (hat tip Nemo) [A]s a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries.

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He opposed regulating Fannie and Freddie in the years leading up to the crisis, but his real claim to fame was triggering the IndyMac bank run in June 2008. schumer wrote in a letter to a regulator that he was "concerned that IndyMac’s financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory.

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IndyMac, a bank that specialized in risky mortgages, was seized by federal regulators late Friday. It is the largest mortgage lender to fail during the housing crisis and one of the biggest bank collapses in U.S. history. NPR correspondent John Ydstie talks with Linda Wertheimer about IndyMac’s demise.

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