IndyMac in third largest bank collapse in US history
Saturday, 12 July 2008
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A major American mortgage lender is at the centre of the third largest banking failure in US history.
Federal banking regulators have stepped in to take over the California-based IndyMac - the fifth US bank this year to fail under strains of the housing bust and credit crunch.
US stock markets were hit yesterday due to surging oil price and renewed fears about the stability of the top two home financing providers, Fannie Mae and Freddie Mac.
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