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.

Latest News

Kelly Park Capital streamlines private market access with PRISM 2.0
Kelly Park Capital streamlines private market access with PRISM 2.0

New 5-in-1 onboarding tool aims to cut subscription paperwork as advisor demand for private markets accelerates

Build deeper relationships and drive business through niche branding
Build deeper relationships and drive business through niche branding

Connecting unique offerings with a specific client niche is a sure path to advisor satisfaction and success – but it all has to start with an intentional strategy.

Wealth Enhancement enters Alabama with RIA managing $462M in client assets
Wealth Enhancement enters Alabama with RIA managing $462M in client assets

The deal marks the independent wealth management firm's first footprint in Alabama, expanding its national RIA acquisition strategy.

Advisor moves: Merrill lands $13B team from Morgan Stanley's Graystone Consulting
Advisor moves: Merrill lands $13B team from Morgan Stanley's Graystone Consulting

A 14-person Boston-based team ranked among the nation's top institutional consultants joins Merrill Private Wealth Management.

AI lawsuits surge to dominate securities class action filings in 2026
AI lawsuits surge to dominate securities class action filings in 2026

Artificial intelligence is no longer just reshaping investment portfolios, it is reshaping the litigation landscape around them.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income