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DODD STATEMENT ON CLOSURE OF INDYMAC

July 14, 2008

“IndyMac’s closure is the latest example of the severe consequences associated with risky mortgage lending practices, coupled with regulatory failures which allowed these risky lending practices to occur.  This combination of risky lending and lax regulation is largely responsible for the current problems in our housing markets and overall economy.  I intend to thoroughly examine the implications of this failure.  That said, I am confident in the strength and stability of our banking system, and the mechanisms in place to ensure that depositors have access to their money even when a bank fails.  The FDIC’s announced actions as conservator underscore this strength and stability.”
 
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