Oh NO! Feds take over IndyMac Bank

Wow, this is major. I never thought this would ever happen again after the Savings & Loans failures of the 80's.

Pasadena Star News is reporting the Feds take control of IndyMac Bank.

My home mortgage is with IndyMac Bank. No, it's not an ARM which would have cost me an arm and a leg, it's a conventional 30 year mortgage. What happen today will not change anything according to my agreement with the Bank.

You $ is safe up to $100,000...

here's a blurb from a friend who went to an IMB branch this afternoon,

"The Feds took over Indy Mac this afternoon and all their branches are closed. The new name is Indy Mac Fed and they will re-open next Monday normal hours. I imagine there will be long lines. I went to the one in MP Atlantic Square and there was a traffic jam and people milling around"

Here's more information from FIDC.