After failing and being seized by the FDIC earlier this year, Indymac is now on the block to be bought within 90 days. The FDIC has taken on the role of investment bank as the bank failures mount. After the Indymac failure depleted the FDIC fund, FDIC head Sheila Bair took on a new approach, [...]

According to a Reuters report: GMAC plans to cut 5000 mortgage jobs and shut 200 retail mortgage offices. GMAC LLC said on Wednesday it plans to cut 5,000 jobs at its Residential Capital LLC mortgage unit, or 60 percent of that work force, and shut its 200 GMAC Mortgage retail offices as it combats weak [...]