Who bought out IndyMac bank?
IndyMac
| Type | Savings bank/federally-owned bridge bank |
|---|---|
| Fate | Chapter 7 bankruptcy and seized by the Federal Deposit Insurance Corporation |
| Successors | Key Bank |
| Headquarters | Pasadena, California , United States |
| Products | Alt-A mortgages and reverse mortgages |
Who took over IndyMac?
CIT Group
OneWest Bank in Pasadena, born from the ashes of failed high-risk home lender IndyMac Bank, has agreed to be acquired by commercial lender CIT Group for $3.4 billion, a hugely profitable deal for the hedge-fund and private-equity investors that have owned the bank for five years.
What does an REO stand for?
Real estate owned
Real estate owned (REO) is property owned by a lender, such as a bank, that has not been successfully sold at a foreclosure auction.
What is REO cash?
In the majority of cases, the bank will be the high bidder at the foreclosure sale. If the bank is the winning bidder at the foreclosure sale, the property becomes “REO.” REO stands for “Real Estate Owned.”
How did IndyMac fail?
IndyMac ran into trouble late last year when it was unable to sell a portion of its Alt-A mortgage loans, which go to homeowners with credit that is better than the subprime category.
What did the FDIC do with IndyMac?
When IndyMac was placed into Conservatorship in July of 2008, the FDIC calculated that the ultimate resolution of IndyMac would result in a recovery of approximately 50% of the uninsured deposits of IndyMac. Based upon that estimate, an advance dividend in that amount was paid to the uninsured depositors at that time.
Is IndyMac bank still in business?
VIII. SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, California (“IndyMac Bank”) (FIN # 10007) was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as its receiver.
Who bought out OneWest Bank?
On August 3, 2015, CIT Group acquired OneWest Bank, N.A. On June 4, 2018, the company sold Financial Freedom, the unit that was responsible for servicing reverse mortgages. The transaction included the sale of mortgage servicing rights and $879 million of reverse mortgage whole loans and other real estate owned assets.
Who bought out OneWest bank?
Does Soros own OneWest Bank?
On March 19, 2009, a seven-member investor group, IMB Holdco, led by Steven Mnuchin—which included billionaire Christopher Flowers, John Paulson, Michael Dell, and George Soros—purchased Independent National Mortgage Corporation (IndyMac Bank) of Pasadena, California for $13.65 billion from the FDIC and created OneWest …
How do I find bank foreclosures in my area?
- Bank of America foreclosures. This site allows users to search for real estate owned or bank owned foreclosed properties, by zip code or other methods.
- RealtyTrac.
- Foreclosure.com.
- HUD.gov.
- HomeSales.gov.
- FHA Single Family Real Estate Owned Properties.
- USDA-RD/FSA Properties.
- IRS Seizures.
How do you buy a bank repossessed property?
Buying a repossession at auction Auction houses can be a very effective way of buying and selling repossessed houses. Properties sold through an auction are usually advertised one month in advance, giving potential buyers plenty of time to view and arrange finance.
What happened to IndyMac Federal Bank?
All deposits of IndyMac Federal Bank, FSB have been transferred to OneWest Bank, FSB. On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the FDIC was named Conservator.
When did IndyMac sell to OneWest?
On March 19, 2009, the Federal Deposit Insurance Corporation (FDIC) completed the sale of IndyMac Federal Bank, FSB, Pasadena, California, to OneWest Bank, F.S.B., Pasadena, California. OneWest Bank, FSB is a newly formed federal savings bank organized by IMB HoldCo LLC.
Is IndyMac Federal Bank FDIC insured?
All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA “assuming institution”) a newly chartered full-service FDIC-insured institution.
What happens to unclaimed deposits from IndyMac Bank?
Please note that any deposits that have not been claimed within 18 months of the failure of Indymac Bank was sent to the FDIC by One West Bank. If the FDIC is unable to locate the deposit customer, the unclaimed funds will eventually be escheated to the state or according to Federal Law (12 U.S.C., 1822 (e)).