IndyMac bank run

"Indy was the second-largest mortgage lender in the United States, and the seventh-largest savings and loan, with $32-billion (U.S.) in assets and $19-billion in deposits - $1-billion uninsured. It is the biggest bank failure in years. Since 2000, according to the FDIC, there have been 32 bank failures in the United States, with IndyMac the fifth one so far in 2008 and bigger than all the other 31 put together."

"The trouble with home equity loans is that you have to have some equity, and with house prices down 30 or 35 per cent, borrowers have negative equity and these loans become rather ephemeral assets."

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IndyMac bank run: A sign of things to come?