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Indymac further warned that if its level of deposit liquidity was reduced in this way, the bank anticipated that it would reduce its assets and, most likely, curtail its lending activities.

Senator Charles Schumer (D-NY) would later point out that brokered deposits made up more than 37 percent of Indymac's total deposits and ask the Federal Deposit Insurance Corporation (FDIC) whether it had considered ordering Indy Mac to reduce its reliance on these deposits.

The FDIC kept some of the assets and liabilities that it could not sell in a holding entity known as Indy Mac Federal Bank, which would be slowly wound down.

In 1997, Countrywide spun off Indy Mac as an independent company run by Mike Perry, who remained its CEO until the downfall of the bank in July 2008.

"Mac" is an established contraction for "Mortgage Corporation", usually associated with Government sponsored entities such as "Freddie Mac" (Federal Home Loan Mortgage Corporation) and "Farmer Mac" (Federal Agricultural Mortgage Corporation).

Dividends on common shares had already been suspended for the first quarter of 2008, after being cut in half the previous quarter.

The company still had not secured a significant capital infusion nor found a ready buyer.

Indy Mac reported that during April 2008, Moody's and Standard & Poor's downgraded the ratings on a significant number of Mortgage-backed security (MBS) bonds including $160 million of those issued by Indymac and which the bank retained in its MBS portfolio.