IndyMac Files for Chapter 7 Bankruptcy

By:: MortgageLoan.com | August 01, 2008

The second largest mortgage lender in the United States, IndyMac has filed for bankruptcy protection less than three weeks after it was seized by federal regulators following a bank run by depositors.

A Chapter 7 bankruptcy case usually seeks to liquidate the assets of a company. IndyMac said it expects the court to appoint a bankruptcy trustee as soon as possible.

The California based company has been run by the Federal Deposit Insurance Corp. (FDIC) since its seizure and has liabilities of between $100 million and $500 million. IndyMac's failure is also expected to cost the FDIC's insurance $52.8 billion fund between $4 billion to $8 billion.

IndyMac's demise was the fifth of seven major U.S. banking failures this year.

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