This looks like some sane and welcome news. Appears FDIC is going to restructure mortgages, lowering interest and payments for people who have housing financing at the failed IndyMac.

The FDIC suspended foreclosures originating from IndyMac and they are managing $15B of mortages.

Bloomberg: FDIC Modifies Mortgages for Some at IndyMac:

The FDIC, which is running IndyMac while seeking a buyer, may also extend repayment terms or base payments on reduced principal to help borrowers, FDIC Chairman Sheila Bair said today in a conference call with reporters. The program might serve as a ``catalyst to promote more loan modifications for troubled borrowers throughout the country,'' Bair said.

``We hope to keep tens of thousands of troubled borrowers in their homes and avoid the negative consequences that foreclosures can have on the broader economy,''

Well, well, now this looks plain good to me so while bank failure sounds like economic disaster, maybe it's a blessing in disguise. If the only way for homeowners to get relief is for the mortgage lender to fail, well, so be it. Maybe some more predatory and blood sucking financial institutions go under, so finally, homeowners who deserve a much needed break, can get some relief.