WASHINGTON — The federal government closed its sale of failed California thrift IndyMac Federal Bank (IDMCQ) to OneWestBank on Thursday, though the U.S. government will share some of the losses on the bank's single family residential loan portfolio.
The Federal Deposit Insurance Corp. said Pasadena-based OneWest would acquire $20.7 billion of IndyMac's assets and all of the firm's deposits, which totaled $6.4 billion at the end of January. The FDIC has been in control of IndyMac since the government took over the firm last summer, and the agency said it would retain the firm's remaining assets for future sales.
In addition to a $4.7 billion discount on the purchase, OneWest will be able to share any losses on IndyMac's mortgage portfolio. As part of the agreement the FDIC said OneWest would continue a program to work with struggling homeowners.
FDIC Closes Sale of IndyMac to OneWest Bank
March 20, 2009, 1:00 a.m. EDT 1 Min Read
