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The FDIC did not take over the holding company. There may be value in IndyMac’s holding company. Financial Freedom, the reverse mortgage business, has value and there is value in the mortgage servicing business. Whether or not any of this value can be salvaged for common shareholders is an open question.

This is interesting information, and I certainly hope it is the case. I did some digging, and the only statement I could find regarding the distribution of assets and liabilities within the holding company is the following from a prospectus from 424B3 dated 04/03/08:


"INDYMAC BANCORP, INC.
IndyMac Bancorp, Inc. is the holding company for IndyMac Bank, F.S.B. (Indymac Bank®), the 7th largest savings and loan in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides fair and competitive home financing products. All of the assets and operations of Indymac are held or conducted within the federally-insured, thrift depository institution, Indymac Bank, whose primary funding consists of bank deposits, Federal Home Loan Bank advances, long term debt and equity. Indymac Bank’s home mortgage products consist primarily of single family, first lien mortgages. Indymac Bank also provides FDIC-insured retail banking products to facilitate consumers’ personal financial goals.
"


This would seem to indicate that everything was within the bank that was taken over. I'm pretty sure this isn't entirely true, since I believe the preferred debt is at the holding company level. I emailed investor relations, but they are in their "quite period" preceding earning, so I'm not too hopeful...
Anyone have any insight on this issue?
Mac
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