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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Intel's US$20bil Ohio factory could become world's largest chip plant Premium
Shrunken US oil inventories point to chronic under-supply Premium
Royal Dutch no more - Shell officially changes name Premium
Oil price slides, but climbs for 5th week on supply concerns Premium
GLOBAL MARKETS-Bond yields tumble as Netflix fuels stock market sell-off Premium
Rising interest rate fallout unlikely Premium
Policy normalisation can lend support to ringgit Premium
Short Position - Green bond, O&G funding, Going the EV way Premium
Cyber risk alert for banks Premium
Uneven recovery seen for REITs this year Premium

Others Also Read