HERS: FDIC- IndyMac -Onewest – IMB Holding Co Documents and Details

Failed Bank Information


Information for IndyMac Bank, F.S.B., and IndyMac Federal Bank, F.S.B., Pasadena,

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Sheet
  5. Banking Services
  6. Loan Customers
  7. Unclaimed Deposits
  8. Possible Claims Against The Failed Institution
  9. Priority of Claims
  10. Dividend Information
  11. Brokered Deposits (Institutional Brokers)
  12. Agreements
  13. IndyMac Bank, F.S.B., Contact Information
    JavaScript is disabled or blocked. Alternatively, you may navigate to www2.fdic.gov/drrip/cs/index.asp and search for the contacts.
  14. Balance Sheet Summary

I.  IntroductionOn March 19, 2009, the Federal Deposit Insurance Corporation (FDIC) completed the sale of IndyMac Federal Bank, FSB, Pasadena, California, to OneWest Bank, F.S.B., Pasadena, California.  OneWest Bank, FSB is a newly formed  federal savings bank organized by IMB HoldCo LLC.  All deposits of IndyMac Federal Bank, FSB have been transferred to OneWest Bank, FSB.On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the FDIC was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA “assuming institution”) a newly chartered full-service FDIC-insured institution.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions. Back to top

II.  Press Release The FDIC has issued the following press releases (PR-56-2008, PR-42-2009) about the institution’s closure.  If you represent a media outlet and would like information about the closure, in California, please contact David Barr with the Office of Public Affairs at 202-898-6992, in Washington D.C. please contact Andrew Gray at 202-898-7192. Back to top

III.  Acquiring Financial InstitutionOn March 19, 2009, all deposits of IndyMac Federal Bank, FSB were transferred to OneWest Bank, FSB, (OneWest Bank) Pasadena, California.On July 11, 2008, all non-brokered insured deposit accounts were transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA (“assuming institution”) a newly chartered full-service FDIC-insured institution.  The OTS appointed the FDIC conservator of IndyMac Federal Bank.  All insured deposit accounts will be available as usual during regular business hours starting July 14, 2008.

Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000.  You will receive full payment for your insured account.  Certain entitlements and different types of accounts can be insured for more than the $100,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage.  If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with  a Claims Agent at 866-806-5919. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.

If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate.  This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of IndyMac Bank, F.S.B.  This means that you will eventually recover some of your uninsured funds.  The FDIC declared a 50% advance dividend for uninsured deposits.To find out more about FDIC Deposit Insurance:

Checks that were drawn on IndyMac Bank, F.S.B. will be honored up to your available balance or the insured amount.  You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with IndyMac Federal Bank.  A hold may be in place on deposits accounts due to delinquent loans where the depositor is the borrower or guarantor.  Additionally, any account pledged as collateral for a loan will be held. Back to top

V.  Banking ServicesOn March 19, 2009 there was no break in services.As of July 14, 2008 you may continue to use the services to which you previously had access, such as, online service, safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual.  All outstanding checks will be paid against your available insured balance(s) as if no change had occurred.  IndyMac Federal Bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact IndyMac Federal Bank, Customer Service Department, at 800-998-2900.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, will be paid at your same rate.  IndyMac Federal Bank will be reviewing rates and will provide further information soon.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to IndyMac Federal Bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at 800-998-2900. Back to top

VI.  Loan Customers If you had a loan with IndyMac Bank, F.S.B., you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice.For all questions regarding new loans and the lending policies of IndyMac Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website at www.IndyMac.com. Back to top

VII.  Unclaimed Deposits Please note that any deposits that have not been claimed within 18 months of the failure of Indymac Bank was sent to the FDIC by One West Bank. If the FDIC is unable to locate the deposit customer, the unclaimed funds will eventually be escheated to the state or according to Federal Law (12 U.S.C., 1822(e)).

FDIC Unclaimed Deposits
1-877-875-4821 Option #2
Hours of Operation – Pacific Standard Time
Monday through Friday, 8:00 a.m. – 5:00 p.m.

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VIII.  Possible Claims Against the Failed InstitutionDetermination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership

SUMMARY: The FDIC, by its Board of Directors, has determined that insufficient assets exist in the receivership of IndyMac Bank, F.S.B., Pasadena, California and the receivership of IndyMac Federal Bank, FSB, Pasadena, California to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.

DATES: The Board made its determination on November 12, 2009.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, contact Thomas P. Bolt, Counsel, Legal Division, (703) 562–2046 or tbolt@fdic.gov; Shane Kiernan, Senior Attorney, Legal Division, (703) 562–2632 or skiernan@fdic.gov,

Federal Deposit Insurance Corporation
3501 N. Fairfax Drive
Arlington, VA 22226

SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, California (‘‘IndyMac Bank’’) (FIN # 10007) was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver. In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. 1823(c)(4)), the FDIC effected a pass-through receivership. Accordingly, the FDIC organized IndyMac Federal Bank, FSB, Pasadena, California (‘‘IndyMac Federal’’), a new federal savings bank for which the FDIC was appointed as conservator. IndyMac Bank’s assets were transferred to IndyMac Federal under an agreement whereby the amount (if any) realized from the final resolution of IndyMac Federal after payment in full of IndyMac Federal’s obligations was to be paid to the IndyMac Bank receivership. On March 19, 2009, IndyMac Federal was placed in receivership and substantially all of its assets were sold. The amount realized from the resolution of IndyMac Federal is insufficient to pay all of its liabilities, and therefore there will be no amount to pay to the IndyMac Bank receivership.Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. The FDIC has determined that the assets of IndyMac Bank are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. The FDIC has also determined that the assets of IndyMac Federal are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. //

Federal Register / Vol. 74, No. 221 / Wednesday, November 18, 2009 / Notices 59541

FAQ re IndyMac “No Value” Determination Back to top

IX.  Priority of ClaimsIn accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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X.  Dividend Information When IndyMac was placed into Conservatorship in July of 2008, the FDIC calculated that the ultimate resolution of IndyMac would result in a recovery of approximately 50% of the uninsured deposits of IndyMac. Based upon that estimate, an advance dividend in that amount was paid to the uninsured depositors at that time. The announced sale of IndyMac to IMB Management Holdings is consistent with the original estimate and no additional dividend will be paid as a consequence of this sale.While no dividends for the uninsured depositors are anticipated at this time, the FDIC will continue to periodically re-assess the financial condition of the receivership to determine if there is additional cash for dividend distributions.

Dividend History on IndyMac Bank, F.S.B.
JavaScript is disabled or blocked. Alternatively, you may navigate to
www2.fdic.gov/DIVWEB/Dividendindex.asp and search for the dividends. Dividend Information on Failed Financial Institutions Back to top

XI.  Brokered Deposits The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC’s policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.Deposit Broker Processing Guide

12 Responses

  1. Hi, how do i find my loan from indymac june 16 2007 in the sec from the scribd.com Zeke

  2. The point that most every homeowner is missing concerning Onewest Bank is that once your mortgage was securitized, it became a stock, uncollateralized, and uncollectable. In most cases the FDIC as receiver for Indymac had nothing to transfer to Onewest concerning your mortgage. Onewest can’t modify your mortgage because they dont own your mortgage. In reality nobody does if it has been securitized. What they are attempting to do and are doing every day is stealing peoples property by illegally foreclosing. By foreclosing they can pretend to purchase the property at auction thus giving them a sham basis in the property where one did not exist before the foreclosure sale. They are mafia grade thugs stealing properties everyday. Why attempt to modify instead go on the offensive with these bastards and file a quiet title action to get the bogus Indymac lien off your property which will completely do away with onewest and their bogus mortgage or foreclosure. Look into it and do it because they can not prove a valid claim against your property. Defend your title!!!

  3. When IndyMac,failed and One West took over, then modifications were done with Indymac/OneWest/trustees Deutsche National Bank, was this allowed, to have them take over your original note and mortgage, assuming they have the original note and mortgage. How does this all hold up in Florida Court. Modification done in march 2008, original mortgage done in 2006, with one of those mortgages from fixed 3 years, then adjustable rate. which was out of control. though when we took out the original mortgage with five star funding, they told us we were getting a fixed rate, that changed, the hud was not there, at closing. indymac modified in 2008 of march, but of course still not helpful in my struggling times, still owe more than my house it worth, struggling to pay mortgage and bills. so what now. I wonder what is being covered up with all of this. modification not filed in the county court records..why

  4. Anyone who has Mers- IndyMac/OneWest in Rhode Island or Massuchusetts Call George E.Babcock Esquire at 401-274-1905 and ask for Kim Thomas to set up a free consultation or visit http://www.Babcocklawoffices.com We have a budget plan for every family gets legal representation.

  5. to “Tina B”:

    If the “original” allonge is stamped to a Copy of the Note, and not to the Original Note, then you have an unperfected transfer. You end up with a peculiar situation: the owner of the Note is probably the person to whom it is Indorsed by allonge to, presuming that there is a separate Purchase and Sale Agreement (there probably is) that evidences the change of owner, BUT the new owner is not in a position to “enforce” the Note.

    That is because to enforce, the party has to both have physical possession of the Note AND the “authority to enforce” the Note. assume the new entity has physical possession (they may not, of course). Do they have authority? Nope. there is no Indorsement on the Note. Can it be added at a later point in time? Yup, sure can. BUT they cannot undertake steps to enforce (by filing suit, for example) until that is done.

    Meanshile, what is happening to the Security Instrument? That is the “mortgage” or Deed of trsut, depending on your State and your special circumstances. IF the security is to one party and the Note to another, then you have a separation of the security from the Note. And, like Humpty Dumpty, once shattered (separated), you cannot put it back together again.

    Which leads to interesting results….. A Note that becomes an unsecured instrument.

    All depends on how the Indorsement is, who put it “in blank,” when, and who is sitting on the Note. More pesky details…

    Best,
    Jan van Eck

  6. Has anyone noticed that the “allonge” that is stamped on the Indymac Promissory Note by and Indymac representative is stamped on the “copy” Promissory note that was in the funding package sent back to Indymac by the escrow closer? The escrow closer had to stamp the copy on the front of the copy of the Promissory note “Certifed a True and Exact Copy” and then sign her name below that statement. Why on earth would the assignment of the Promissory Note by Indymac Bank be affixed to the copy?
    I have repeatedly asked Onewest for a “certified” copy of the ORIGINAL Promissory note for my loan. They keep sending me the “copy” that was put in the funding package by escrow and claiming that to the a true copy of the original BUT it dawned on me that the “copy” was endorsed in blank by Indymac Bank. Why would they have endorsed a copy? This is not legal tender endorsing a copy. MORE FRAUD!

  7. Masumi Patel
    Attorney Barrett, Daffin, Frappier, Treder & Weiss 20955 Pathfinder Road
    Diamond Bar, California 91765
    May 3, 2010 Faxed to 626-915-0289

    DAVIES vs. NDEX WEST LLC –INC 090697
    Attorney Patel,
    I will be in the Diamond Bar area on Thursday May 6, 2010 for a meet and confer meeting regarding Deutsche Bank National Trust Company document discovery.
    This is the second request for the original loan file #6100459 loan #3002654055 contained in the Indymac Residential Asset Securitization Trust 2007-A5, with the pass through series 2007 E, with the Pooling and servicing agreement dated 3-1-2007. The SEC file is 333-132042, offered by Indymac MBS as the S3 originally filed on 2-24-2006.
    The original full set of custodial records of the Residential Asset Securitization Trust 2007-A5, pass through series 2007-E, with the pooling and servicing agreement dated 3-1-2007 is required for proper underwriting. The SEC documents and the Prospectus outline the proper content of this file.
    I have confirmed this information with the Security and Exchange Commission. Jennifer Van Dyne is the Trust Administrator her phone number is 714-247-6258, and her address is 1761 East Street Andrew Place, Santa Ana, California 92705. Any non compliance with the custodial documents are subject to penalties. The NY Trust laws govern the RAST 2007-A5, transaction. The SEC is the regulatory body.
    I anticipate your compliance.

    Brian W Davies

  8. This is an important discovery request if one is in a trust.

    http://www.scribd.com/doc/30904276/Letter-for-Meet-and-Confer-With-Attorney-Patel-Regarding-the-Loan-File-of-the-RAST-2007-A5-5-3-10

    This is the basis for a motion to compel. NY TRUST LAW GOVERN AND THE SEC IS IN OVERSIGHT. GET THE DOCUMENTS OF THE LOAN FILE UNDER THE OVERSIGHT OF THE TRUSTEE. IT IS A MUST AND INCLUDES THE ASSIGNMENTS AND LOAN DOCUMENTS0THE DEED OF TRUST AND PROMISSORY NOTE.

  9. You can find that case here. http://mariokenny.com/archives.php. go to the Missouri case and click…Enjoy

  10. Saturday 1 May 2010

    I was looking for specific information regarding the case about MERS’ assignment separates the note from the mortgage, referencing Restatement 3rd.
    Thaat reference is a series of books, and two that
    are about propery, with subset topics on mortgages.

    Is there speicif page reference of applicable section mentioned, as the books are somewhat technical in nature?

    I am unable to find the section/case from which this topic stems, and using the search section on the top right of the page is useless, in this regard.

    How does one track references that have dropped off the current list in the upper right portion of the main page?

  11. Deb, you have NO need to understand about the receivership. Here’s what you need to do… first take a look at ALL documents that have been they have created to “assign” your mortgage. Check the signature(s). Is Erica Johnson-Seck one of them? If so, go to http://www.scribd.com and search for her name (just cut and paste from above. Then look for “The infamous deposition of Erica Johnson-Seck”. Download it, read it… throughly.
    Yes, it’s long.
    Yes, it’s small print.
    Yes, it’s tedious to read.
    Yes, it”s totally worth it.

    You will discover that she testifies to many routine violations of the law. Among the thing she casually acknowledges…

    1. She had no personal knowledge of the contents of the documents she’s signing.
    2. She signs the documents ALONE, in her office.
    3. She simply hands a stck of documents to the notaries that work for OneWest/IndyMac,. They are not required to notarize them right away, or even within 24 hours.

    There’s more, a lot more. If you (or anyone else) wants to contact me about what in her documents, you may do so at forensicmortgageexaminers@gmail.com

    Go get those documents and tehn get your attorney to go get them! Best of luck. Let me know if I can help.

  12. so im in the middle of thia. fraud was perpetrated long befor this happened but it was THE SAME PEOPLE AND EXACT SAME CORP ADDRESSES THE “TRUTEE” IS SAME “OUTFIT” JUST DIFFERENT NAME, THEY ARE STILL CLAIMING RIGHTS TO THE RECEIVABLE AS A DEBT COLLECTOR/SERVICER, THE FDIC MUSCLED IN TO TELL ME TO DROP THEM FROM MY DAMAGE CLAIM WHEN THEY KNOW NOTHING ABOUT MY LOAN NOE BOTHERED TO FIND OUT THEY ARE TAKING MY HOME BASED ON A COMPUTER PRINTOUT! FALSE AFFIDAVITS WITHOUT DISCLOSING WHO THE TRUE OWNER OF THE NOTE AS IN THE TRUE CREDITOR THE ONE WHO LOST MONEY, THEY LOST NOTHING WE KNOW THIS BUT ARE TAKING MY HOME BECAUSE THEY CAN? THIS IS TOO COMPLICATED FOR ME TO UNDERSTAND ABOUT RECEIVERSHIP ECT BUT I KNOW THIS THEY HAVE NO RIGHT TO THE PROPERTY.

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