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Before its failure, IndyMac Bank was the largest savings and loan association in the Los Angeles area and the seventh largest mortgage originator in the United States. [2] The failure of IndyMac Bank on July 11, 2008, was the fourth largest bank failure in United States, [3] and the second largest failure of a regulated thrift at that time. [4] "
In May 2017, the U.S. Department of Justice reached an $89 million settlement with CIT [25] involving a portfolio of reverse mortgage products acquired from the failed IndyMac Federal Bank [26] and compliance with HUD foreclosure requirements, which requires banks to complete resolution and foreclosure activities within an aggressive timeline. [27]
They later moved the headquarters to Pasadena, California, and then to Calabasas, California, in Los Angeles County. [5] Mozilo and Loeb cofounded IndyMac Bank, which was originally known as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11 ...
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IndyMac Bank, Pasadena, California: IndyMac Federal Bank, an 'interim' bank set up by FDIC for disposal of assets savings and loan association [12] July 25, 2008: First National Bank of Nevada, Reno, Nevada; First Heritage Bank, Newport Beach, California: Mutual of Omaha, Omaha, Nebraska [13] August 1, 2008: First Priority Bank, Bradenton, Florida
Charter Bank Santa Fe: New Mexico: 2010 $1.2 billion $1.7 billion Alliance Bank Culver City: California: 2009 $1.1 billion $1.6 billion City Bank Lynnwood: Washington: 2010 $1.1 billion $1.5 billion Columbia River Bank The Dalles: Oregon: 2010 $1.1 billion $1.5 billion Community Bank and Trust Cornelia: Georgia: 2010 $1.1 billion $1.5 billion ...
IndyMac Bank's failure was the fourth largest in US history. [ 3 ] Through OneWest Bank the investment group purchased two other failed banks from the FDIC, the First Federal Bank of California on December 18, 2009, which then had $6 billion in assets and $5 billion in deposits, and La Jolla Bank, FSB in February 2010, which then represented $3 ...
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. A bridge bank, IndyMac Federal Bank FSB, was established under the control of the FDIC. [6]