Saturday, July 12, 2008

Financial crisis hits IndyMac

As per a report from AP. IndyMac Bank is been placed under FDIC and will reopen on Monday (07/14/08) as IndyMac Federal Bank FSB.

This turmoil will hit more who are faced with the ever growing foreclosure crisis and the soon to be retired people who have had placed money and bought shares of such financial institutions. This people may have to rethink about retirement as the the funds will be shrinking and the inflation soars. Lets hope senate passes the "Foreclosure rescue plan" soon to save the people and the banks some time to recuperate.

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