Reuters | The Indymac bill is paid..


NEW YORK Reuters – U.S. regulators are expected to announce a deal for the assets of failed mortgage lender IndyMac before the end of the year, a spokesman for the bank said on Wednesday.

The exact timing of an announcement and whether the company would be sold as a single entity or in pieces was not clear.

The deadline for final bids for IndyMacs assets was December 15, said IndyMac spokesman Evan Wagner.

The Federal Deposit Insurance Corp aims to sell IndyMac before the end of the year, FDIC spokesman David Barr said. The FDIC estimates IndyMacs failure cost the agency $8.9 billion.

The mortgage specialists IndyMac Bank unit was taken over by regulators after it failed on July 11 in one of the largest bank failures in U.S. history. At the time, it had $32 billion in assets and $19 billion in deposits.

When it failed, more than 130 FDIC employees swooped in on the California-based mortgage lender to prepare it to reopen under government management as IndyMac Federal Bank. Another 120 employees took part remotely via computer links.

via Regulators near deal for IndyMac | Deals | Reuters .

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Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on December 25, 2008, in Bank Stocks, Financial Markets, Meltdown, US and tagged , , , , , , . Bookmark the permalink. Leave a comment.

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