National Mortgage News is reporting that investment fund Apollo Management is one of the finalists bidding for government controlled IndyMac Bank.
The investment fund which is run by Leon Black, is also backing Vantium Capital, a “scratch and dent servicer" managed by Amy Brandt, the former head of subprime lender WMC Mortgage. The acquisition could align well with Vantium since there are concerns that IndyMac’s $180 billion servicing portfolio could need a little TLC.
No word on who the other bidders are for the failed bank, but it could be anybody. Last month the FDIC announced it would allow interested parties without bank charters to bid on failing institutions. The federal Office of the Comptroller of the Currency, which regulates national banks, said that it would issue "shelf charters" to prospective bidders for failed banks, essentially clearing them in advance.
According to the article, the FDIC spokeswoman would not discuss the status of the sale except to say, "We’ll announce the winning bidder by year end."
