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Posted AT 9:21 PM EST on 18/07/08

The house that IndyMac built

DAVID EBNER and TARA PERKINS AND SINCLAIR STEWART

Globe and Mail Update

LOS ANGELES, TORONTO and NEW YORK — Patricia Ramirez's home, which sits on a ragged dead-end street at the edge of East Los Angeles in the shadow of an elevated freeway, cost $445,000 (U.S.) when she and her husband bought it in February, 2007. Mrs. Ramirez, an office manager at a tortilla maker, and Mr. Ramirez, a truck driver, together make $48,000 a year.

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