The Fall of IndyMac Bancorp Inc.

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Case Details:

Case Code : FINC064
Case Length : 20 Pages
Period : 2000-2009
Pub. Date : 2010
Teaching Note :Not Available
Organization : IndyMac Bancorp Inc
Industry : Banking
Countries : US

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Background Note

IMB was founded as a Countrywide Mortgage Investment (CMI) in 1985 by David S. Loeb (Loeb) and Angelo Mozilo (Mozilo) and was registered as a real estate investment trust (REIT) . It was founded to collateralize loans lent by Countrywide Financial (Countrywide), which had been involved in mortgage banking and related businesses since 1969.

In 1993, CMI transitioned its business model to become a mortgage lender. In 1997, Countrywide spun off CMI into an independent company named IndyMac (formally known as Independent National Mortgage Corporation). Michael Perry (Perry) was appointed as CEO of IMB...

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The Fall

In April 2007, IMB announced that it was tightening its lending standards to effectively handle difficult market conditions. It announced that it had lent a total of US$ 25.9 billion in the January-March 2007 quarter. IMB said that its loan volume would go down by 33% after new lending standards were implemented...

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