Ryan Carter
Posted: 05/27/2010 04:23:20 PM PDT
Local lawmakers Thursday introduced an amendment to financial reform that would allow depositors at failed Pasadena-based Indymac Bank to recoup a collective $233 million in lost savings.
The amendment, called the Indy Act, would make a federal deposit insurance cap of $250,000 retroactive to the time IndyMac failed in July of 2008. At the time, deposit insurance was set for deposits up to $100,000. But as the financial crisis grew Congress only a few months later approved the heightened cap.
But the cap did not extend to institutions that failed before October 2008.
“The whole thing is about fairness,” said Rep. David Dreier, R-San Dimas, who along with Rep. Jane Harman, D-Venice, introduced the bill Thursday.
Source: www.pasadenastarnews.com
Related posts:
- SOON TO BE FAMOUS ROGER STOTTS & DENNIS KIRKPATRICK VP's, MERS, ATTORNEY in FACT, ONEWEST, INDYMAC, Deutsche BANK et al~~ Lets connect this Pyramid: Erica Johnson-Seck, Roger Stotts, Dennis Kirkpatrick....
- Indymac Federal Bank Fsb V. Israel A. Machado : Deposition of Erica Johnson-Seck Indymac Federal Bank Fsb Vs. Israel a. Machado : In...
- ERIC FRIEDMAN It's your turn to wear the hats…By the way thanks for the Power Of Attorney to Stern! Ok folks…here we have Eric & Erica. We all know...
- IndyMac got IndySMACK Down via Hon. Samuel J. Bufford! From BMcDonald This is a bankruptcy case in which IndyMac Bank...
- Full Deposition of the Infamous Erica Johnson Seck RE: Indymac Federal Bank Fsb, Plaintiff, Vs. Israel a. Machado – 50 2008 CA 037322xxxx Mb This is a Must Read where ICE Legal from Palm...
