Money Minute: IndyMac, Delta, Retirement

BusinessMoney Minute: IndyMac, Delta, RetirementMoney Minute: IndyMac, Delta, RetirementThe Associated PressThe Associated Press has learned that now-defunct IndyMac Bancorp is under investigation for possible fraud in connection with home loans made to risky borrowers. (July 16)AP Money MinuteThe Associated Press has learned that now-defunct IndyMac Bancorp is under investigation for possible fraud in connection with home loans made to risky borrowers. According to a law enforcement official not authorized to speak publicly about the investigation, the FBI is focused on the company and not individuals who ran it. IndyMac Bank's assets were seized by federal regulators last week after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.--------------------------------More red ink for Delta Airlines. The struggling carrier reported a loss of more than a billion dollars for the second quarter, bringing its total losses to more than $7 billion for the year. Still, the earnings came in ahead of Wall Street's expectations. --------------------------More Americans are dipping in to their 401(k) accounts to weather financial hardships. According to a study by the Center for American Progress, workers in 2004 had $31 billion in outstanding 401(k) loans, a fivefold increase from 1989. Not a wise move, according to the center. Even borrowing a modest $5,000 can dramatically erode savings over time.---------------------I'm Mark Hamrick with AP Money Minute(****END****)

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YouTube | July 16, 2008

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