GMAC's Ally Lampoons Kid-Cheating Lenders, Woos Depositors With Top Rates Oct 14, 2009
U.S. officials said IndyMac Bancorp Inc. collapsed last year in part because the California lender offered customers too much. GMAC has drawn fire from lenders and trade groups including the American Bankers Association, whose members are also vying for more of the nations $9 trillion in deposits. (Bloomberg)
Short Sales: A Fraying Lifeline for Homeowners Oct 4, 2009
One West, formerly IndyMac Bancorp, was taken over last year by the Federal Deposit Insurance Corp. and purchased in March by a group of investors that includes billionaires George Soros and Michael S. Dell. As part of that deal, the FDIC agreed to eat most losses after the first $2. (BusinessWeek)
Business briefs Sep 24, 2009
MBIA sued UBS, Credit Suisse and JPMorgan Chase underwriters of mortgagebacked securities sold by a unit of IndyMac Bancorp, which MBIA claims misrepresented its underwriting standards to investors ... MBIA sued UBS, Credit Suisse and JPMorgan Chase underwriters of mortgagebacked securities sold by a unit of IndyMac Bancorp, which MBIA claims misrepresented its underwriting standards to investors. (New York Post -- Business)
FDIC Watched as `Hot Money' Boomed at Colorado's Defunct New Frontier Bank Sep 23, 2009
The most recent report, released yesterday, said the agency failed to understand risks posed by IndyMac Bancorp Inc. until 11 months before the Pasadena, California-based lender was seized last year in the most expensive U.S. bank collapse, costing the FDICs insurance fund $10. 7 billion. (Bloomberg)
Guaranty Financial, No.2 Texas Bank, Says May Fail Jul 25, 2009
Guaranty is about half the size of IndyMac Bancorp Inc , which failed last July. So far 64 banks have failed this year, including seven on Friday, according to the Federal Deposit Insurance Corp. Friday's failures include six bank subsidiaries of Security Bank Corp of Macon, Georgia. (ABC News -- Wire)
FDIC's Bair Asks Congress to Create Fund to Resolve Large Financial Firms Jul 23, 2009
Merrill Lynch & Co., , IndyMac Bancorp Inc., Fannie Mae and Freddie Mac. In a properly functioning market economy there will be winners and losers, and when firms -- through their own mismanagement and excessive risk taking -- are no longer viable, they should fail, Bair said. (Bloomberg)
FDIC May Ease 15% Capital-Ratio Proposal on Buyouts of Failed U.S. Banks Jul 9, 2009
The FDIC has worked on policy guidance for private-equity investors since January, after the sale of Pasadena, California- based IndyMac Bancorp Inc. to a group led by , an ex-Goldman Sachs Group Inc. investment banker, that also included buyout firm J.C. Flowers & Co.. The largest U.S. bank to collapse this year, Coral Gables, Florida-based BankUnited Financial Corp., was sold in May to firms including New York-based Blackstone and Carlyle, of Washington. (Bloomberg)
Private-Equity Firms Say FDIC Rules Will Thwart Takeovers of Failed Banks Jul 3, 2009
The FDIC has worked on policy guidance for private-equity investors since January, after the sale of Pasadena, California- based IndyMac Bancorp to a group led by , an ex- Goldman Sachs Group Inc. investment banker, and including buyout firm J.C. Flowers & Co.. The largest U.S. bank to collapse this year, Coral Gables, Florida-based BankUnited Financial Corp., was sold in May to firms including and Carlyle Group LP, the worlds two largest private equity firms. (Bloomberg)
FDIC Takeover Rules May Force Private Equity Firms to Put Up More Capital Jul 1, 2009
Private-equity firms formed groups to buy BankUnited, Floridas largest lender, as well as IndyMac Bancorp, both of which were seized. Firms including Lightyear and also collaborated on an investment in another Florida lender, First Southern Bancorp, in May. (Bloomberg)
Private Equity Firms to Invest in First Southern May 31, 2009
Five months ago, private investors bought the assets of failed bank IndyMac Bancorp from the FDIC. The agency is crafting guidance for private equity investments in troubled lenders, FDIC Chairman Sheila Bair said this week. First Southern said the proposed investment would allow it to substantially expand through organic growth and acquisitions. (ABC News -- Wire)
Goldman Twice Shut Out Of Bank Auct00004000ions May 25, 2009
Earlier this year, Goldman bid for IndyMac Bancorp but lost out in that auction as well. Goldman late last year became a bank holding company in order to become eligible for 10 billion in federal rescue cash that the Treasury wanted the bank to accept in order to help restore investor faith in the banking system. (New York Post -- Business)
California had most subprime loans, study says May 8, 2009
The group's list of the top 25 subprime lenders was led by Countrywide Financial Corp. and included IndyMac Bancorp, which was seized by federal regulators last year. Wells Fargo Financial, a unit of the San Francisco banking giant, was ranked eighth in the group's tally, with at least $51. (San Francisco Chronicle)
White House official apologizes for low flight near ground zero Apr 28, 2009
He also has served as a director of companies including Southwest Airlines Co. and IndyMac Bancorp Inc., which collapsed last year and was seized by the government. The New York City Police Department said it was told by the Federal Aviation Administration not to inform the public about what it thought would be a higher flyover by two F-16s and an Air Force VC-25 aircraft, said Paul Browne, the deputy police commissioner. (Honolulu Advertiser)
Obama plane's photo-op triggers New York panic Apr 28, 2009
He also has served as a director of companies including Southwest Airlines Co. and IndyMac Bancorp Inc., which collapsed last year and was seized by the government. Page. (Sydney Morning Herald -- World)
Obama's fury over NYC jet scare Apr 28, 2009
The Age - Business News, World News & Breaking News in Australia Skip directly to: Search Box, , , Text Version. April 28, 2009 - 9:58AM. (Sydney Morning Herald -- World)
Follow The Best Funds To Boost Results Apr 15, 2009
For instance, IndyMac Bancorp CEO Michael Perry bought $2. 6 million worth of company stock in February 2008. (Investors Business Daily)
Citigroup to buy Wachovia banking operations (40) Apr 12, 2009
The failure of IndyMac Bancorp in July reignited investors fears about the stability of the financial sector, which led to the eventual takeover of struggling mortgage lenders Fannie Mae and Freddie Mac. Earlier this month, officials seized both Fannie and Freddie, temporarily putting them in a government conservatorship, replacing their chief executives and taking a financial stake in the mortgage finance companies. (Somerset Daily American, PA)
JPMorgan Chase sues Washington Mutual Mar 27, 2009
The bank also said Washington Mutuals failure came at no cost to the FDIC insurance fund, while the July 2008 failure of IndyMac Bancorp Inc, a California thrift one-tenth the size of Washington Mutual, cost the FDIC US$10. 7bil. (The Star Online, Malaysia -- Business)
Alesco Financial Inc. Announces Fourth Quarter and Fiscal Year End 2008 Financial Results Mar 5, 2009
5 million of defaulted securities, which includes securities issued by IndyMac Bancorp, have been completely written off in our consolidated financial statements ... The realized tax losses that we have experienced during 2008, including those resulting from the failure of IndyMac Bancorp and losses on MBS in our Kleros Real Estate portfolio eliminated our taxable income for the year ending December 31, 2008. (PR Newswire)
What is nationalization? Mar 2, 2009
The most recent example is IndyMac Bancorp, which has been run by the government since it was seized in July. Officials resist using the word nationalization to describe this process because they say that the government is only taking control of the bank for the purpose of returning it to the private sector as soon as possible. (Casper Star-Tribune, WY)
