by Calculated Risk on 7/14/2008 12:19:00 PM

From Tom Petruno at the LA Times Money & Co. Blog: Feds to freeze IndyMac's home-equity credit lines. (hat tip Peter Viles)

Petruno outlines several key points from the FDIC news conference today on the FDIC freezing HELOCs, interest on CDs, and more (relayed by Times staff writer Kathy M. Kristof) .

For builders:

Lines of credit to commercial construction contractors also will be frozen pending a review, but construction loans made to individual consumers won’t be affected.

I predict these reviews will find mostly bad news.