IndyMac Bancorp Company Description
IndyMac Bancorp had nothing to do with car racing or swashbuckling archeologists. Beset by loan defaults, the banking and mortgage company was seized by the FDIC in 2008 and subsequently filed for Chapter 7 bankruptcy to liquidate its remaining assets. It is one of the largest bank failures in US history. The company's IndyMac Bank subsidiary was taken over by the FDIC and renamed IndyMac Federal Bank; it has more than 30 offices in Southern California. Another subsidiary, Financial Freedom, is the largest provider of reverse mortgages in the US. (Reverse mortgages allow homeowners aged 62 and older to convert home equity into cash.) IndyMac Bancorp also has mortgage servicing operations.
View the Comprehensive Company Description for IndyMac Bancorp
The Company Description provides a historical perspective of IndyMac Bancorp's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of IndyMac Bancorp's evolution in the marketplace.
