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IndyMac’s former owner files bankruptcy

August 1st, 2008, 9:20 am · 6 Comments · posted by Mary Ann Milbourn

Reuters is reporting today that IndyMac Bancorp Inc., the holding company for the Pasadena-based thrift and mortgage banker that was taken over by federal regulators last month, filed for Chapter 7 bankruptcy Thursday.

The filing does not affect IndyMac Federal Bank FSB, the successor bank created by the Federal Deposit Insurance Corp. after it took over the original savings and loan company July 11. The FDIC is trying to sell IndyMac’s assets.

Reuters says IndyMac Bancorp reported in its bankruptcy filing that it had $50 million to $100 million in assets, $100 million to $500 million in liabilities and fewer than 50 creditors.

IndyMac had been the seventh largest savings and loan in the country, according to a July 7 U.S. Securities and Exchange Commission filing. It was the second biggest bank failure in the country after Chicago-based Continental Illinois National Bank & Trust Co., which collapsed in May 1984.

To see the bankruptcy filing, CLICK HERE.

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6 Responses to “IndyMac’s former owner files bankruptcy”

  1. Liar Loan Says:

    I am SO glad they didn’t hire me last summer, although I would have probably turned it down anyway. The vibe I got was very loose and playful… reminded me of my days at Argent. Everyone seemed completely oblivous to the carnage going on in the industry.

  2. Gary Says:

    Hey its friday and time for some bank to go under………who will it be this weekend? only time will tell.

  3. Mortgage Monkey Says:

    That is some serious bankruptcy filing. Looks like things are getting crazy for you guys in the states!

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