IndyMac Bancorp Files for Bankruptcy After Seizure
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IndyMac Bancorp Files for Bankruptcy After Seizure
IndyMac Bancorp Files for Bankruptcy After Seizure (Update1)
By Jeff St.Onge and Tiffany Kary
Aug. 1 (Bloomberg) -- IndyMac Bancorp Inc., the second- largest independent mortgage lender in the U.S. before it was seized by federal bank regulators last month, filed for bankruptcy liquidation.
IndyMac said its liabilities are between $100 million and $500 million, according to the Chapter 7 filing yesterday in U.S. Bankruptcy Court in Los Angeles. The bank said it has fewer than 50 creditors.
IndyMac on July 11 was seized by U.S. regulators after a run by depositors left the mortgage lender strapped for cash. The Federal Deposit Insurance Corp. is running a successor institution, IndyMac Federal Bank and regulators have said they intend to sell the bank.
Pasadena, California-based IndyMac Bancorp racked up almost $900 million in losses as home prices tumbled and foreclosures climbed to a record. California ranked second among U.S. states, with one foreclosure filing for every 192 households in June, 2.6 times the national average.
To contact the reporter on this story: Jeff St.Onge in London at jstonge@bloomberg.net. Tiffany Kary in New York at tkary@bloomberg.net.
By Jeff St.Onge and Tiffany Kary
Aug. 1 (Bloomberg) -- IndyMac Bancorp Inc., the second- largest independent mortgage lender in the U.S. before it was seized by federal bank regulators last month, filed for bankruptcy liquidation.
IndyMac said its liabilities are between $100 million and $500 million, according to the Chapter 7 filing yesterday in U.S. Bankruptcy Court in Los Angeles. The bank said it has fewer than 50 creditors.
IndyMac on July 11 was seized by U.S. regulators after a run by depositors left the mortgage lender strapped for cash. The Federal Deposit Insurance Corp. is running a successor institution, IndyMac Federal Bank and regulators have said they intend to sell the bank.
Pasadena, California-based IndyMac Bancorp racked up almost $900 million in losses as home prices tumbled and foreclosures climbed to a record. California ranked second among U.S. states, with one foreclosure filing for every 192 households in June, 2.6 times the national average.
To contact the reporter on this story: Jeff St.Onge in London at jstonge@bloomberg.net. Tiffany Kary in New York at tkary@bloomberg.net.
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