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IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo [6] [7] as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae.
The sale was conditional on the Fed's lending Bear Sterns US$29 billion on a nonrecourse basis. [ 4 ] IndyMac Bank, America's leading Alt-A originator in 2006 [ 5 ] with approximately $32 billion in deposits, was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC) on 11 July 2008, citing liquidity concerns.
Reich blamed Indymac's 11 July 2008 failure on $1.3bn of withdrawals in the fortnight following concerns raised from Senator Chuck Schumer over the bank's solvency. [18] [19] Schumer faulted the OTS. [20] The failure of IndyMac Bank was the fourth largest bank failure in United States history. [21]
Finally, on July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997, Countrywide spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. [5] Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run. [6] [7] [8]
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IndyMac Bancorp filed for Chapter 7 bankruptcy in July 2008. [412] IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo [413] [414] as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae. In 1997, Countrywide spun off IndyMac as an independent ...
July 11 Indymac Bank, a subsidiary of Independent National Mortgage Corporation (Indymac), is placed into the receivership of the Federal Deposit Insurance Corporation by the Office of Thrift Supervision. It was the fourth-largest bank failure in United States history, [207] and the second-largest failure of a regulated thrift.
Two people were taken into federal custody Tuesday following an investigation linked to the burglary of the home of Bengals quarterback Joe Burrow , sources tell CBS News New York.