IndyMac Shares Swoon to Record Low

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Shares of IndyMac Bancorp Inc. hit an all-time low Thursday, plummeting more than 25 percent to just 80 cents, leading Sen. Charles Schumer to express public concern over the Pasadena lender’s financial health.


Schumer, a member of the Senate Banking Committee, wrote letters to the Federal Deposit Insurance Corp. and the Office of Thrift Supervision expressing “concern for the safety-and-soundness risks posed by IndyMac.” The New York Democrat said IndyMac sits on the verge of collapse and asked if either agency is taking steps to protect IndyMac and its depositors.


The mortgage lender has been pummeled by the subprime meltdown and credit crunch. IndyMac posted a nearly $200 million loss in the first quarter as a result of writedowns on mortgage-backed securities.


The company’s stock has fallen nearly 95 percent over the past year.

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