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Economy: Bank Failure / IndyMac #898614

CBS Evening News for Monday, Jul 14, 2008
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(Studio: Katie Couric) The falling stock prices for banks noted.

(Pasadena, California: Bill Whitaker) The failure of the IndyMac bank, which made risky mortgage loans, featured; scenes shown from Pasadena, California, of people in line to get their money; details given about the extent of uninsured money. [Bank customers Tom SACHS†, Nasim AHMED†- react.] [IndyMac Federal Bank CEO/FDIC COO John BOVENZI†- says the money is safe.] [Financial strategist Richard BOVE†- says most banks are not in the danger zone.]

(Studio: Katie Couric) Report introduced.

(Studio: Anthony Mason) The move by the Federal Reserve to crack down on deceptive lending practices that unleashed the mortgage mess examined; details given about new sub-prime rules and actions to protect Fannie Mae and Freddie Mac. [Representative Barney FRANK - blames former Federal Reserve Board chairman Alan Greenspan†† for the problems today.] [Yesterday, Secretary of Treasury Henry PAULSON†- comments on housing corrections.] [Mortgage industry consultant Howard GLASER†, economy.com's Mark ZANDI†- comment on the situation.]

(Studio: Katie Couric) Live interview held with bankrate.com Greg McBride about the banks and mortgages. [From West Palm Beach, McBRIDE - explains how most homeowners are safe; cites the impact on the general public; notes how the average person's money is safe.]

Reporter(s):
Couric, Katie;
Whitaker, Bill;
Mason, Anthony
Duration:
00:06:30

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