The Office of Thrift Supervision was slow to respond to problems at IndyMac Bancorp., and its eventual actions were ineffectual, according to a report released Thursday by the Treasury Department's Office of the Inspector General.

The report blamed IndyMac for its reliance on alternative-A loans, poor underwriting, and questionable appraisals, but the report also said the OTS failed to take remedial actions when it found problems at IndyMac, which failed in July.

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