WASHINGTON — A seven-member group of investors has agreed to buy the remnants of failed lender IndyMac Bank, a symbol of the housing boom and bust, for $13.9 billion, federal regulators said Friday.
IndyMac, which specialized in loans made with little down payment or proof of assets, was seized by the government in July after a run on the bank as the U.S. housing market collapsed.
The Federal Deposit Insurance Corp. said a holding company led by Steven Mnuchin, co-chief executive of private- equity firm Dune Capital Management, agreed to buy IndyMac in a deal reached Wednesday and expected to close by early next month.
The investors have formed a partnership, called IMB Management Holdings LP, that includes Dell Inc. founder Michael Dell’s investment firm, MSD Capital.
Once the deal closes, the investment group would pour $1.3 billion in new capital into IndyMac and continue to operate the Pasadena, Calif-based bank, the FDIC says.
