IndyMac Deal Closes, Financial Freedom Becomes Part of OneWest Bank
March 19th, 2009 | by admin Published in Financial Freedom, News, Reverse Mortgage | 15 Comments
Late Thursday the The Federal Deposit Insurance Corporation (FDIC) announced that it had completed the sale of IndyMac Federal Bank FSB to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings bank organized by IMB HoldCo LLC with total assets of approximately $16.0 billion.
The new owners injected $1.55 billion in common equity and agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion with the FDIC retaining the remaining assets for later disposition.
According to the statement from OneWest, it will operate as a regional bank focused on deposits and conforming and jumbo mortgage lending for its retail customers in Southern California. Over the time the bank intends to expand its retail branch network which includes 33 branches located primarily in the Los Angeles area.
As part of the deal, OneWest also acquired and will continue to operate Financial Freedom. No word from Financial Freedom as of press time. OneWest’s website isn’t even live yet… Update.. it now redirects to IndyMacs website.
Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Financial Freedom,IndyMac,OneWest Bank
- Related Posts
- Financial Freedom Parent Company Acquires Another Bank from FDIC
- Parent Company of Financial Freedom Acquires Another Bank from FDIC
- It’s Official, Office of Thrift Supervision Closes IndyMac, FDIC Named Conservator
blog comments powered by Disqus .
March 20th, 2009 at 12:24 pm (#)
I just went to the website and it shows Indymac FSB. There is no mention of Onewest Bank on the site and it is not forwarded. The damain is http://www.onewestbank.com/. Are they taking the Indymac name?
March 20th, 2009 at 12:27 pm (#)
Correction,under home lending it has the following line:
“IndyMac Federal Bank is now OneWest Bank.”
March 20th, 2009 at 12:53 pm (#)
Well the congrats to Financial Freedom was a little premature. They just announced to the staff at the Rancho Cordova CA office that they are laid off effective today. So any Reverse Mortgage companies looking for good people here is your chance to get a lot of great experienced people in California.
March 20th, 2009 at 1:26 pm (#)
Waiting for a statement from FF/OneWest
March 20th, 2009 at 1:49 pm (#)
I would have been with financial freedom for 5 years come June. Looking for work!! Experienced skilled FHA reverse mortgage processor!!
March 21st, 2009 at 6:25 pm (#)
[...] OneWest Bank announced that it had closed on the deal to purchase IndyMac, the company said it would continue to operate Financial Freedom but didn’t [...]
March 30th, 2009 at 2:48 pm (#)
Last year at this time, I filed a hardship packet which was promptly turned down. Now that OneWest Bank is taking over I wish to refile with them. Is there a program set up to do this? When I google OneWest Bank it has the same telephone numbers that refer you to Indy Mac. Am I being put off? I just want to refinance to avoid foreclosure!
April 3rd, 2009 at 4:51 pm (#)
[...] In recent reverse mortgage news, Financial Freedom was acquired by IndyMac last month. Or rather, One West acquired IndyMac and also received Financial Freedom as part of the deal. Regardless, Financial Freedom’s name changed from Financial Freedom Senior Funding to Financial Freedom Acquisition LLC. Apparently there were also some layoffs at Financial Freedom. [...]
August 17th, 2009 at 1:30 am (#)
Ive had nothing but bad business with them. They lie cheat and steal from consumers. Refuse to work with ppl past due and trying to make good on debt. It went from taking half due to 90% no way ppl can save their homes. They are out for nothing more then moving ur property to their sales books.
August 17th, 2009 at 1:37 am (#)
onewest is not looking to do business with the consumer home owner. They will lie steal and whatever they can to take ur home. Ive been dealing with them for 8 months they say deal then say no we stopped making that deal 1 week later. They took my home loan payment then continued with forclosure.
Dont trust anything they say even if in writing. they will not warrant any deal made in written or verbal form..Buyers beware ur next.
August 17th, 2009 at 1:40 am (#)
your in the same boat as me they tell u to do something and once u do it ohh no thats not what we said and we no longer warrant that option. Personally Im getting a lawyer think thats ur bet option too.
August 17th, 2009 at 8:30 am (#)
Ive had nothing but bad business with them. They lie cheat and steal from consumers. Refuse to work with ppl past due and trying to make good on debt. It went from taking half due to 90% no way ppl can save their homes. They are out for nothing more then moving ur property to their sales books.
August 17th, 2009 at 8:37 am (#)
onewest is not looking to do business with the consumer home owner. They will lie steal and whatever they can to take ur home. Ive been dealing with them for 8 months they say deal then say no we stopped making that deal 1 week later. They took my home loan payment then continued with forclosure.rnDont trust anything they say even if in writing. they will not warrant any deal made in written or verbal form..Buyers beware ur next.
August 17th, 2009 at 8:40 am (#)
your in the same boat as me they tell u to do something and once u do it ohh no thats not what we said and we no longer warrant that option. Personally Im getting a lawyer think thats ur bet option too.
December 21st, 2009 at 9:16 pm (#)
[...] Bank purchased reverse mortgage pledgee Financial Freedom in March. Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Financial [...]