by Bill McBride on 3/20/2009 01:45:00 AM
Friday, March 20, 2009
The Federal Deposit Insurance Corporation (FDIC) has completed the sale of IndyMac Federal Bank FSB, Pasadena, California, to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings ...The original loss estimate was $4 to $8 billion, and that estimate was later increased to $8.9 billion. Now it is $10.7 billion.
IndyMac Federal sustained losses of $2.6 billion in the fourth quarter 2008 due to deterioration in the real estate market. The total estimated loss to the Deposit Insurance Fund is $10.7 billion.
Posted by Bill McBride on 3/20/2009 01:45:00 AM