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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.
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]
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 ...
Over the past weekend it was announced that IndyMac was being taken over by the FDIC after customers began a run on the bank, which had denied any solvency issues. Many customers had their life ...
OneWest bought all of IndyMac’s deposits and assets at a discount of $4.7 billion following an auction by the Federal Deposit of Insurance Corp. ... Shop the latest savings at the biggest sale ...
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]
IndyMac Bancorp filed for Chapter 7 bankruptcy in July 2008. [417] IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo [418] [419] 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.