The Federal Deposit Insurance Corp. is continuing to keep a "cone of silence" on the bidding for IndyMac's assets but, according to one investment banker familiar with the process, a second round of bids is now under way. The investment banker, requesting his name not be used, said, "there's a decent amount of interest." It is still unclear whether the thrift - now a ward of the FDIC - will be sold mostly in one piece or as an ongoing franchise or broken up. Investors have been offered the option of making one bid for the entire company or just making an offer on certain portfolios or the servicing platform. The thrift services about $190 billion in mostly home loans, ranking ninth nationwide, according to the Quarterly Data Report. The FDIC took control of IndyMac in July.
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The homebuilding giant reported two separate cyber incidents this year, with the most recent breach of its mortgage unit affecting more than 348,000 individuals.
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The move threatens IMBs and outside loan originators who rely on real estate agents for referrals, as the company aims to keep borrowers within its platform.
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Fed Chair Kevin Warsh's much anticipated speech at the Jackson Hole meeting reinforced past comments about reducing communications around forward guidance.
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The ex-CEO got a regulatory OK to officially rally shareholders for his plan, although he's still awaiting a federal judge's decision on a restraining order.
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The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
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Academy Mortgage's deal will cover around 285,000 class members. It's the sixth deal this year by a mortgage firm seeking to squash consumer complaints.
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