News and Articles

A group of investors decided to jointly acquire what remains of the bankrupt mortgage lender Indymac Bank by 13,900 million dollars, federal regulators reported on Friday.

The Federal Deposit Insurance (FDIC, for its acronym in Spanish) indicated that a holding company headed by Steven Mnuchin General, co-director general of the private security firm Dune Capital Management, agreed to buy a Indymac in an agreement that was reached Wednesday and could be consummated in late March.


The investors formed a consortium that includes seven members of the investment firm MSD Capital of the company's founder computer Dell Inc., Michael Dell. The new company was called IMB Management Holdings LP.

Indymac, based in Pasadena, California, has been operated by the FDIC under the name of Indymac Federal Bank. Fell into bankruptcy last July.


"We have armed a group of private investors with experience in financial services for the once Indymac to acquire and operate through a new administration with extensive banking experience," said Mnuchin General in a communication. "Will inject significant private capital to enable it to Indymac once more effectively serve their customers and communities."

The other members of society are five private investment firms or hedge funds _J.C. Flowers & Co., Stone Point Capital, Paulson & Co, a fund controlled by the Fund Management of multimillionaire George Soros and a fund controlled by Silar Advisors LP.


Indymac has 33 bank branches in southern California with some 6,500 million dollars in deposits, nearly half of the company when they broke. It also owns a business of servicing debt with a face value of 157,700 million dollars which collects and delivers mortgages to investors, as well as the signing that Financial Freedom is a reverse mortgage company _sistema of private loans with federal insurance.

As part of the agreement, the corporation's government agreed to take losses on some loans from Indymac.


In a complex formula, the new investors would respond by the first 20% of the bank's loan losses, while the federal corporation would assume most of the losses later. In return, the investors agreed to maintain a surveillance program in the provision for housing that was established by the president of the corporation, Sheila Bair, in August.