IndyMac Bank
| IndyMac Federal Bank
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|---|---|
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| legal form | |
| founding | 1985 as Countrywide Mortgage Investment |
| Seat | Pasadena, California , United States |
| Branch | Banks |
| Website | www.imb.com |
The IndyMac Bank (Independent National Mortgage Corporation) was the largest savings and loan association in the area Los Angeles and the seventh largest mortgage lenders in the United States of America.
"Mac" is a common abbreviation for "Mortgage Corporation" in the US, which is usually associated with government sponsored corporations. Examples are Freddie Mac (Federal Home Loan Mortgage Corporation) or "Farmer Mac" (Federal Agricultural Mortgage Corporation). In contrast, Indymac has always been a private organization with no government involvement.
The collapse of the bank on July 11, 2008 as a result of the financial crisis from 2007 onwards was the largest collapse of a US bank since 1984 ( Continental Illinois National Bank ). As a result of the collapse, the bank was placed under "receivership" by the Federal Deposit Insurance Corporation (FDIC), which guarantees payment of insured savings of up to US $ 100,000 per account.
In early January 2009, IndyMac's assets were sold to a group of investors for $ 14 billion. The US Treasury Secretary Steven Mnuchin , who was in office under President Trump and who, according to Handelsblatt, bought the bank "at a ridiculous price", was involved in the transaction in order to later throw "defaulting real estate borrowers out of their homes, regardless of hardship". In 2015, the IMB HoldCo LLC, which he led, sold the successor bank OneWest Bank, founded in 2009 to take over IndyMac Assets, for $ 3.5 billion to the CIT Group , which also went bankrupt in 2009.
Individual evidence
- ↑ wirtschaftsblatt.at : Investor group buys failed US mortgage bank IndyMac (January 3, 2009)
- ↑ Handelsblatt : Trump's finance minister in need of explanation (January 20, 2017)
- ^ Wall Street Journal: CIT Group Wins Key Federal Approval for Acquisition of OneWest Bank's Parent (July 15, 2015)