Sources: IndyMac takeover in pipeline
J.C. Flowers & Co, Dune Capital Management and Paulson & Co are leading a group of private-equity and hedge-fund investors seeking to buy failed lender IndyMac Bank, according to sources.
The bidders are close to an agreement with the Federal Deposit Insurance Corp, which seized the lender in July, said the people, who requested anonymity because the negotiations are continuing. An announcement could come by the middle of this week, the people said.
US regulators are relaxing 50-year-old banking rules amid a financial crisis that has wiped out 25 institutions this year and threatens at least 171 more. The Office of the Comptroller of the Currency, the Federal Reserve and the FDIC this year all changed rules that may help spur investments by private-equity firms.
