<P> May 12, 2008, in a small note in the "Capital" section of its what would become its last 10 - Q released before receivership, IndyMac revealed--but did not admit--that it was no longer a well - capitalized institution and that it was headed for insolvency . </P> <P> IndyMac 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 issued by IndyMac that the bank retained in its MBS portfolio . IndyMac concluded that these downgrades would have harmed the Company's risk - based capital ratio as of June 30, 2008 . Had these lowered ratings been in effect at March 31, 2008, IndyMac concluded that the bank's capital ratio would have been 9.27% total risk - based . IndyMac warned that if its regulators found its capital position to have fallen below "well capitalized" (minimum 10% risk - based capital ratio) to "adequately capitalized" (8--10% risk - based capital ratio) the bank might no longer be able to use brokered deposits as a source of funds . </P> <P> Senator Charles Schumer (D - NY) later pointed 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 IndyMac to reduce its reliance on these deposits . With $18.9 billion in total deposits reported on March 31, Senator Schumer would have been referring to a little over $7 billion in brokered deposits . While the breakout of maturities of these deposits is not known exactly, a simple averaging would have put the threat of brokered deposits loss to IndyMac at $500 million a month, had the regulator disallowed IndyMac from acquiring new brokered deposits on June 30 . </P> <P> IndyMac was taking new measures to preserve capital, such as deferring interest payments on some preferred securities . 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 . </P>

Who played a role in the 2008 financial crisis