FDIC Actions In Credit Turmoil

Thursday, October 2, 2008

Market interventions by the FDIC under the leadership of Sheila Bair:

Proposed increasing federal insurance of bank deposits beyond the current limit of $100,000 per account.

Brokered the sale of Wachovia to Citigroup by agreeing to limit Citigroup's losses in exchange for a stake in the company.

Seized Washington Mutual in the largest bank failure in U.S. history, then sold the company to J.P. Morgan Chase.

Created a program to modify thousands of mortgage loans held by IndyMac Bancorp, which the government seized in July.

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