IndyMac Bancorp Inc. Filed For Chapter 7 Bankruptcy Protection

Shareholders Foundation, Inc.

2008-08-02 09:43:50 - On Thursday IndyMac Bancorp Inc. filed for Chapter 7 bankruptcy protection.

On Thursday, July 31st, 2008, the once one of the largest mortgage lenders in the country IndyMac Bancorp Inc. filed for Chapter 7 bankruptcy protection. This came just weeks after being seized by the Federal Deposit Insurance Corp. after a run on the bank. The liquidation will not include IndyMac Federal Bank. IndyMac Federal Bank. has been run by the Federal Deposit Insurance Corp. since the federal government seized the bank last July. Pasadena California-based IndyMac Bancorp Inc. will liquidate its remaining assets. According to the bankruptcy filing the once second-largest U.S. independent mortgage lender IndyMac Bancorp has between $50 million and $100 million in assets, between $100 million and $500 million of liabilities and less than 50 creditors. John Bovenzi, who was sent to manage of what now will be IndyMac Federal Bank said 'The announcement by the former holding company of IndyMac Bank has no impact on IndyMac Federal Bank or its customers'.