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| Customers line up in front of an IndyMac Bank branch in Santa Monica, California, on July 14, 2008. Federally-seized IndyMac Bank was due to reopen Monday after suffering one of the biggest bank closures in US history, as the troubled US mortgage industry struggles to stem further meltdown.The regulatory Office of Thrift Supervision (OTS) announced Friday it had placed the California-based bank, worth an estimated 32 billion dollars, under the control of the Federal Deposit Insurance Corporation (FDIC). The mortgage lender, which will reopen as IndyMac Federal Bank, marked the largest bank failure in a year of mortgage and foreclosure crisis highlighted by a surge in defaults and a plunge in housing prices which are rippling through the US economy. AFP PHOTO GABRIEL BOUYS |
Last update: Monday, July 14, 2008; 10:56 AM Pacific. © 2008 Scripting News, Inc. NewsJunk is a trademark of Scripting News, Inc.
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Last update: Monday, July 14, 2008; 10:56 AM Pacific.

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