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On July 11, 2008, citing liquidity concerns, the FDIC put IndyMac Bank into conservatorship. A bridge bank, IndyMac Federal Bank, FSB, was established to assume control of IndyMac Bank's assets, its secured liabilities, and its insured deposit accounts. The FDIC announced plans to open IndyMac Federal Bank, FSB on Monday July 14, 2008.
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]
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, 2008. [9] Mozilo did not hold any managerial, executive, or chair positions at any time leading up to this event.
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 ...
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]
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]
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.
IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. [412] 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 ...