IndyMac Kneecapped by the Mortgage Crisis

Because of the sub prime lending crisis, Countrywide, the big lender in Calabassas, is now owned by Bank of America.  Now another national powerhouse—IndyMac Bancorp of Pasadena—is in big trouble.  New York’s Democratic Senator Charles Schumer—chair of the Joint Economic Committee—set off a minor panic when he warned that IndyMac “could face a failure if prescriptive measures are not taken quickly.”