FDIC Unloads IndyMac

The FDIC sold IndyMac for $13.9 billion to a group of private investors. The FDIC has agreed to share in future loan losses so long as the new owners continue the loan modification program that the FDIC instituted at the bank. The new owners will also inject $1.3 billion in new capital and bring in new management.

A couple of days ago, I noted along with others that Fannie Mae was trying to collect $1 billion from IndyMac for alledgedly fraudulent mortgages it sold to Fannie. No word today on whether or not Fannie prevailed.

more:here

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