After IndyMac was shut down, the OTS put out a statement bashing the senator for being the catalyst for the run on deposits. Schumer responded by saying the OTS was "asleep at the switch" and "If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today." That point was well-taken, considering that so many of the largest institutions with troubled portfolios of option-ARMs and low-documentation mortgages are OTS shops. BankUnited shares closed down 14.3%, to 66 cents on Monday, and Downey Financial's stock finished down 24.3%to $1.28. Washington Mutual, while better capitalized than those two banks, is supervised by the OTS, as well. Investors will be looking to see how much further WaMu's loan quality deteriorated in the second quarter, when it reports results on Thursday. The stock plummeted 34.8% on Monday, prompting the bank to issue a statement saying it was well-capitalized intended to soothe investors. Countrywide FSB, now held by Bank of America ( BAC) is supervised by the OTS, as are two large Wachovia ( WB) charters, which hold the option-ARMs acquired from the former GoldenWest Financial. Wachovia will release its second quarter earnings results on July 22. Before IndyMac's failure, the FDIC had roughly $53 billion in its deposit insurance fund. With the fund taking such a large hit from IndyMac's failure and the possibility of more large failures, the agency may have to increase the assessment rates charged to insured depository institutions.