Throw me the whip! No, throw me the mortgage!

IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators in one of the largest bank failures in U.S. history. The thrift was one of the largest savings and loans in the country, with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets. The bank will be run by the Federal Deposit Insurance Corp., a federal regulator, and will reopen Monday.

Via Wall St Journal

Edit: Additional comedy from the full article: IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don’t fully document their incomes or assets. SO THERE’S NO CTRL-Z AMIRITE???

I guess I hadn’t considered the Thrill of Mortgage as an option


But this job ad in “Squeeze OC” is convincing. Speaking of Squeeze OC, they were having a fashion show in the strip-mall denim store next to Kean as I left there tonight. It was just starting to roll as I fled. They were blasting “Lust for Life” and the DJ was instructing everyone to “gather round the runway.” Bro and ho types were sipping wine from plastic cups and gazing across the street at… the other strip mall. I left before America’s Next Medium To Low Models began striding about in $500 jeans.