Even with the Federal Deposit Insurance Corporation (FDIC) as conservator, Fitch Ratings announced last week that they downgraded Financial Freedom’s residential primary specialty-reverse mortgage servicer rating to RPS5.  As a result of the servicer being downgraded to the lowest rating, it has been removed from Rating Watch Negative where it was originally placed on […]

The Whittier Daily News is reporting that The Federal Deposit Insurance Corp. has hired Lehman Brothers Holdings Inc. to devise a strategy to sell IndyMac or its separate parts.  “We don’t want to look like we are endorsing (Lehman Brothers), but because of the size and the complexity of this bank - it’s a […]

The New York Post is reporting that Toronto based Manulife made an offer to buy IndyMac’s reverse mortgage business just days before the bank was taken over by the FDIC.  Sources close to the deal told the NY Post that eight days ago, Michael Perry, former CEO of InyMac deemed the offer insufficient.
While the Post […]

Today, the FDIC said Indymac customers should expect “business as usual”, but some things will be very different.  The LA Times is reporting that consumers home equity loans and lines of credit to commercial construction contractors will be frozen pending a review.
Financial Freedom customers can breathe a sigh of relief because John Bevenzi, an FDIC […]

Today the FDIC announced that IndyMac Bank, F.S.B., Pasadena, CA, was closed by the Office of Thrift Supervision (OTS).  As conservator the FDIC will establish and operate the new IndyMac Federal Bank, FSB to maximize the value of the institution for a future sale and to maintain banking services in the communities formerly served […]