Posted on January 2, 2009 by Hunton & Williams LLP Print This Article

IndyMac Federal's Sale Approved by FDIC's Board

The FDIC announced today it that its Board of Directors has approved a $13.9 billion sale of the banking operations of IndyMac Federal Bank, FSB to a thrift holding company controlled by IMB Management Holdings LP.  After IndyMac Federal's failure on July 11, 2008, the FDIC introduced a streamlined loan modification program for the bank. Continuation of the loan modification program is a condition to the FDIC's provision of any type of loss-sharing on the IndyMac Federal's assets.

Click here to read the FDIC's press release and click here to read the FDIC's fact sheet on the sale.

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