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FDIC Finds Buyer For IndyMac
Daniel Shepard (January 5th, 2009) Writes:
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
...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
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