WASHINGTON–Dune Capital Management has acquired the assets of the failed IndyMac Federal Bank for nearly $14-billion, the FDIC reported. Under the deal, expected to close in late January or early February, the Pasadena, Calif. thrift will be transferred to a newly formed holding company called IMB HoldCo LLC, which will be controlled by a limited partnership owned by the investor team.
The Office of Thrift Supervision, IndyMac's federal regulator, said it had given preliminary approval for the deal.
The sale includes the thrift’s 33 branches with $6.5 billion in deposits; a $16 billion loan portfolio and $6.9 billion securities portfolio; rights to a mortgage servicing portfolio worth over $157 billion; and IndyMac's reverse mortgage servicing platform.
The deal also contains a loss-sharing arrangement on a qualifying pool of IndyMac loans, with the new thrift assuming the first 20% of losses, and the FDIC sharing in the remainder.
The agency said the new owners of IndyMac would continue to offer a streamlined loan modification program begun by the FDIC in late August. It said the program had provided an estimated savings of $423 million.
IndyMac Bank failed in July amid a battered portfolio of Alt-A loans. The FDIC estimated the failure of IndyMac will cost it between $8.5 billion and $9.4 billion.
