Is Apollo a Finalist for IndyMac?
Washington-At press time the Federal Deposit Insurance Corp. was still holding by its promise that it would announce, by the end of December, a winning bidder for IndyMac Bank FSB, a $180 billion servicer.
The agency, however, was giving out little in the way of guidance about what exactly would be sold and which investors were bidding on the institution. IndyMac could be sold in parts , but the agency prefers to dispose of it in one piece.
A former alt-A lender, the company has received wide national media attention because of its efforts to modify delinquent and soon-to-be-delinquent loans in its portfolio.
If the company is sold its loan modification efforts are expected to continue - as a precondition for any sale.
Meanwhile, sources told Mortgage Servicing News that Apollo Management, an investment fund controlled by Leon Black, is one of three finalists for the government-controlled thrift.