As Scooby Do says,"rut roo". Another financial institution has bitten the dust- IndyMac which had been struggling to raise funds and stay in business has been taken over by the Feds. This despite the proclamation this pass June that the banking crisis had seen the worst and was recovering. AND despite the $150 billion worth of loans given interest free to financial institutions.
The failure came on a day when shares in the two biggest US home loan institutions – Freddie Mac and Fannie Mae – fell at one stage by almost 50%. Rut rooo indeed!