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The Majority of you have never heard of IndyMac bank.  IndyMac is a branch banking system located in California.  If you do not have a mortgage through IndyMac, this does not pertain to you directly.

IndyMac (they hold my mortgage) failed this afternoon at 3pm PST.  In a nutshell, the FDIC has taken over the bank.  They will re-open Monday as IndyMac Federal Bank, being run by the FDIC (Federal Deposit Insurance Corporation). 

The FDIC States this if you have a loan with them:

If you had a loan with IndyMac Bank, F.S.B., you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made payable as usual and sent to the same address until further notice.

For all questions regarding new loans and the lending policies of IndyMac Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website at www.IndyMac.com.

Therefore, don’t worry, unless you own their stock (it is virtually worthless at the moment, so have a drink, and be merry). 

For more information and how this may affect you, visit the FDIC’s website on IndyMac.

The FDIC has opened a toll-free phone line for customers of the bank. The number is 866-806-5919.

Hours of operation for the Call Center are: July 11, 2008 3:00 p.m. 9:00 p.m. Pacific July 12, 2008 8:00 a.m. 8:00 p.m. Pacific Sunday, July 13, 2008 8:00 a.m. 6:00 p.m. Pacific Thereafter: Monday through Friday, 8:00 a.m. 8:00 p.m. Pacific