Posted AT 8:23 PM EST on 11/07/08
Regulators close U.S. bank
WASHINGTON — U.S. banking regulators Friday swooped in to take over mortgage lender IndyMac Bancorp Inc, the second-largest bank failure in U.S. history and the fifth bank to close this year.
The Federal Deposit Insurance Corp estimated the cost of the California-based bank's failure to its $53-billion (U.S.) insurance fund at between $4-billion and $8-billion and will run the bank while it looks for a buyer.
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