Protesters Brave Rain to Save Money Drain
About 30 former bank customers hit the pavement in Buena Park, protesting what they say is a money drain at Indymac Federal Bank.
On a rain soaked Monday, about 30 former bank customers hit the pavement in Buena Park, protesting what they say is a money drain at IndyMac Federal Bank. The Pasadena-based bank was taken over by the federal government in July 2008. Bank officials say the losses were close to $500 million.
"They ran this bank into the ground," said former customer Cheryl Hodgson. "They allowed it to go under. It should have been on the watch list."
Hodgson says she lost about $200,000 after depositing money she made from the sale of her San Clemente home last year. She hopes to get it back.
Indymac is now for sale, but bank officials say they can't make promises to investors yet.
"The FDIC repaid nearly $250 million so far," said Indymac spokesman Evan Wagner. "We won't know if there is extra money to repay any more until the bank sale is final next month."
The protesters have organized a Web site, hoping to find every one who is still owed money: www.indymacdepositors.com
