US regulator to run IndyMac while buyer sought


  • Business Premium
  • Monday, 14 Jul 2008

WASHINGTON: Mortgage lender IndyMac Bancorp Inc was taken over by the Federal Deposit Insurance Corp on Friday, which will run the bank while it looks for a buyer. IndyMac is the second largest financial institution in US history to close.

The FDIC said the estimated cost of the California-based bank's failure to its insurance fund is between US$4bil and US$8bil.

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