COMPANIES The Federal Deposit Insurance Corp has signed a letter of intent to sell the banking operations of IndyMac Federal Bank to a group of investors led by Steven Mnuchin of Dune Capital Management.
The FDIC said the group which also includes JC Flowers, Paulson & Co, and four other investment funds, will pay the FDIC $13.9bn to assume the assets of IndyMac. That figure will be offset by liabilities of more than $12bn, so the FDIC expects ultimately to receive a cheque for only about $1.6bn.
