Another sub-prime mortgage bank bites the dust.  However, avaricious management will skate away from the catastrophe as usual under this criminal Bush regime. 

The greed of mortgage lending institutions that caused the housing catastrophe which has reverberated thoughout the economy has claimed another perpetrating player in the fraudulent subprime mortgage scam.

As Reuters reports: "U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history.

"California-based IndyMac, which specialized in a type of mortgage that often required minimal documents from borrowers, became the fifth U.S. bank to fail this year as a housing bust and credit crunch strain financial institutions.

"The federal takeover of IndyMac capped a tumultuous day for U.S. markets that saw stocks slide on a surging oil price and renewed fears about the stability of the top two home financing providers, Fannie Mae and Freddie Mac.

"IndyMac joins top bank failures headed by the 1984 collapse of Continental Illinois National Bank & Trust Co. 

"The Office of Thrift Supervision (OTS) insisted IndyMac's failure was the second-largest bank failure based on FDIC figures. But the FDIC said its data showed it was third behind the collapse of First RepublicBank Corp in 1988."

Note those other two huge bank failures occurred under the Reagan administration which also was responsible for the terrible savings and loan crisis.  The Reagan regime was, like this criminal Bushite gang, a laissez-faire, deregulation, no regulation presidency that got the US in grave economic trouble, with its tax cuts for the rich, trickle down failed policies (sound, familiar?) and had to be bailed out by Democrats in Congress and the American taxpayers during Reagan's second term. 

So much for know nothing government of, by, and for the wealthy and corporations Republican administrations; GOP elephants who leave dangerous turd piles that have to be cleaned up by Democrats.