As recently reported, IndyMac Bank, was taken over by the regulators and its funds transferred by the Office of Thrift Supervision, as they did not believe IndyMac would be able to take care of its depositors´ needs. IndyMac had been in increasing turmoil due to the problems of the market.

After the bank was taken over, customers had restricted access to how they could access their funds. There was a lack of liquidity and more and more customers were running to pull out funds after a letter was published, that was written by Senator Charles Schumer (D-NY), where he urged bank regulation agencies to immediately begin action to halt his predicted collapse of IndyMac. After the publication, over $1.3 billion was taken out of IndyMac.

It has been estimated by the FDIC that the takeover of IndyMac could cost anywhere from $4 bilion to $8 billion. As of March 31st, IndyMac had over $32.01 billion in assets.

All consumer deposits are insured by up to $100,000. However, almost 10,000 depositors had much more then that in their accounts, almost $1 billion in all is uninsured. All those with uninsured money can make appointments to file a claim with the FDIC, where they could potentially get an advance for half of the uninsured amount. Later on, the FDIC would try and cover more of the funds by selling IndyMac´s assets.

An FDIC spokesman, David Barr, says that it may be many years before IndyMac´s collapse is completely resolved and everyone claims are taken care of, "We have to completely unwind the affairs...There may be lawsuits. There are a lot of different aspects to this."