IndyMac = toast

(Via TPM and the NYT)

Regulators Seize Mortgage Lender

Federal regulators seized IndyMac Bancorp on Friday evening, marking one of the largest bank failures in American history.

[snip]

For all the write-downs and bad news on Wall Street over the last year, only five local and regional banks have shut their doors. The handful that have failed have been a fraction of the size of IndyMac. IndyMac held $32 billion in assets as of late March, according to the government release.

“It’s the biggest failure in 24 years,” said Chip MacDonald, a banking lawyer at Jones Day in Atlanta. “You haven’t had a lot of failures of that size, yet.”

It has been 15 years since any bank larger than $10 billion in assets collapsed. 

Wonder if Lehman is next.