FDIC Finds Buyer For IndyMac
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/503677279/Posted on Monday, January 5th, 2009 | In Stocks to Watch
Monday January 5, 2009
Navivest
The Federal Deposit Insurance Corporation (FDIC) has announced that it has signed a letter of intent to sell failed mortgage lender IndyMac, which was the seventh largest savings and loan and the second largest independent mortgage lender in the country when it failed and was seized by the FDIC on July 11, 2008, to a private equity consortium.
The transaction is being structured as a sale of New IndyMac to IMB HoldCo, which is controlled by IMB Management Holdings. IMB Management Holdings LP formed IMB Holdco LLC as a thrift holding company, which will be the parent of the purchased New IndyMac.
Steven Mnuchin, a former executive at Goldman Sachs, who is currently the Chairman of Dune Capital Management, leads the consortium. The new CEO of the new IndyMac will be Terry Laughlin, who was most recently, the Chairman and CEO of Merrill Lynch Bank & Trust, Co., F.S.B.
The other companies forming the consortium, are J.C. Flowers & Company, Paulson & Company, MSD Capital, L.P., a private investment firm formed in 1998 to exclusively manage the capital of Michael S. Dell (founder of Dell Computers) and his family, Stone Point Capital, SSP Offshore LLC, a private investment fund focused on buyouts, buildups and growth equity investments and is managed by Soros Fund Management and SILAR MCF-I LLC.
The new IndyMac will have 33 branches mostly in the Los Angeles area, $6.5 billion in deposits and a loan portfolio of $16 billion.
The bank will also have a servicing platform with mortgage servicing rights representing an unpaid principal balance of $157.7 billion, a reverse mortgage portfolio with $1.5 billion of reverse mortgages and mortgaging servicing rights representing an unpaid principal balance of $20.2 billion.
The FDIC has agreed to share losses on a portfolio of qualifying loans with New
IndyMac and will assume the first 20% of losses after which the FDIC will then share losses on an
80/20 basis, for the next 10% of losses and 95/5 thereafter.
Last 5 posts by Daniel Shepard
- Trade Recommendation For 10/15/09 - October 14th, 2009
- The Technical Trader – Coca-Cola FEMSA - October 14th, 2009
- Cisco To Acquire Starent - October 13th, 2009
- Stock Market Report – 10/13/09 - October 13th, 2009
- Stock Market Report – 10/13/09 - October 13th, 2009
Bank, Dell, Dune Capital Management;, failed mortgage lender;, Fdic, Federal Deposit Insurance Corporation, Goldman Sachs, IMB Holdco LLC;, IMB Management Holdings LP;, Indymac, J.C. Flowers & Company;, Los Angeles, Merrill Lynch Bank, Michael S. Dell;, Mortgage Lender, MSD Capital L.P.;, New IndyMac;, SILAR MCF-I LLC;, soros fund management, SSP Offshore LLC;, Steven Mnuchin;, Stocks to Watch, Stone Point Capital;, Terry Laughlin;, USD
 About Daniel Shepard (http://www.navivest.com/blog)
Daniel Shepard is an Equity Analyst with Navivest, a stocks and options trading advisory services company that provides trading ideas on a subscription basis. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.