IndyMac files for bankruptcy

The bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors, according to the filing.
AUG 01, 2008
IndyMac Bancorp Inc. of Pasadena, Calif., today filed for Chapter 7 bankruptcy, a move which will liquidate its remaining assets. Once the second-largest mortgage lender in the country, Indymac has been under the control of federal regulators since July 11, after a run on the bank significantly reduced its liquidity. According to the filing, the bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors. The Federal Deposit Insurance Corp. has estimated that the bank’s failure will cost $4 billion.

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