IndyMac Bancorp, one of the largest mortgaging credits institutions from the USA, has entered bankruptcy.
The federal authorities were forced to admit this thing after the customers withdrew a som of 1.3 billions dollars in 12 days, leaving the bank in a liquidity crisis. According to Bloomberg, the US authorities of regulating the banking activities tookover, on Friday, the control over IndyMac Bancorp, and today the financial institution will start functioning under the name of IndyMac Federal Bank.
For the actual situation, the authorities blame the US senator Charles Schumer, who generated a "liqudities crisis", after he state his concern regarding the bank and spoke of the possibility of bankruptcy. The bank is in this delicate situation because of the high level of risk it has, because it approved type A1 credits, without documents which proved the incomes of the loaned persons. It's only the beginning
IndyMac is one of the largest credit institution from the USA, with actives of almost 32 billions dollars. It continues the list of enormous bankruptcies: Continental Illinois National Bank & Trust Co, bankrupted in 1984, şi American Savings & Stockton Credit Association, from 1988. "IndyMac is the forerunner of other problems which are about to come", said Christopher Whalen, the executive director of the Californian market research company Institutional Risk Analytics.
"It's not surprising to see the IndyMac bank bankrupted. But we have to ask ourselves what institution will be next. It will be a wave of medium and large institutions", said the analyst. IndyMac is recording losses of almost 900 millions dollars because of the drop in the prices of houses. The value of its shares dropped with 87% in 2007 and with 95% since the beginning of this year. The Federal Deposit Insurance Corporation (FDIC) intends to sell the bank in a 90 days term, preferable in a single entity. In case of failing this action, the authorities are ready to sell the bank in shares.
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