The billionaires’ club of private financiers who took over the remains of IndyMac Bank from the Federal Deposit Insurance Corp. turned a profit of $1.57 billion last year on the failed mortgage lender — more than they invested less than a year ago.
Yet under the sale agreement, the federal deposit insurance fund still could lose nearly $11 billion on bad loans that the Pasadena institution made before it was sold last March and renamed OneWest Bank.
“This is one hell of a deal for those owners, but hardly a good deal for the banking industry, which pays the FDIC’s bills,” said Bert Ely, a longtime consultant to banks.
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OneWest HQ: Next to be hit by a plane…