Wall Street Journal (07/15/08) P. C1; Paletta, Damian; Wei, Lingling; Simon, Ruth
IndyMac Bancorp Inc. has reopened under federal control and, in turn, halted all foreclosures on the mortgages it owns. FDIC Chairman Sheila Bair says the agency is "really focused" on keeping borrowers in their homes for both their sakes as well as to maximize IndyMac's value for taxpayers. IndyMac previously ranked as the nation's 10th-biggest mortgage lender by loan volume, specializing in so-called Alt-A loans: a category between prime and subprime that contributed to the company's financial woes. The company, now known as IndyMac Federal Bank, continues to operate its Financial Freedom division--one of the largest providers of reverse mortgages.
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