Indy Mac Bank sold.

[carol b]

This bank like so many others felt the housing crunch. With the number of failed mortgages they could not keep going. They were bought by a group of investor.

These investors intend to keep the bank going under new management. Hopefully with all of their combined experience the can turn this business around.

I hate to see any business go under but this bank brought it on themselves as they required little from the people who came in for loans. If they had asked for more perhaps most of their loans would have been good instead of bad.