" On Friday, July 11, Americans saw an actual bank run--not a metaphorical run, like the digital withdrawals that had crushed Bear, but a physical run on a physical bank, as in It's a Wonderful Life. That afternoon, the Office of Thrift Supervision and the FDIC shut down and seized IndyMac, a California thrift that was once part of Angelo Mozilo's Countrywide empire. IndyMac had flourished during the bubble by providing exotic mortgages to buyers without much in the way of income or assets. Its balance sheet was loaded with option adjustable-rate mortgages (ARMs), an almost comically irresponsible product that let borrowers choose their monthly payments, adding to their future obligations if they wanted to pay less at the moment. "

― , Stress Test: Reflections on Financial Crises