Well now looky here. It seems that the proverbial bottom is starting to fall out. If this is not a recession could someone please explain to me what exactly one is? IndyMac Bancorp Inc. was the nation's second-largest independent mortgage lender and the seventh-largest savings and loan. But now sadly enough they are nothing more than this weeks tragic headline. Apparently the company has gotten to the point where they are now being taken over by the Federal Deposit Insurance Corp.
Look at this the Feds are taking over a bank? HMMM I wonder what it would take for them to take over a gas refinery? Anywho back to the issue at hand. Apparently the housing market has cast this bank in to turmoil. Foreclosures have no doubtedly done this group in. It is sad in many cases because although not everyone has lost their home many of the customers of this bank could possibly as a result of the bank going belly up.
As we all know or should know Banks are Insured by the FDIC. But what many may not know is that the FDIC will only insure $100,000.00 per individual account. What this means is if you have over 100k in the bank you stand to lose. A work around to this problem is simply to spread your money out over multiple banks. If you are truly a Baller (of which I am not) you could simply put a hundred here and a hundred there.
