IndyMac Bancorp Inc. of Pasadena, Calif., today filed for Chapter 7 bankruptcy, a move which will liquidate its remaining assets.
Once the second-largest mortgage lender in the country, Indymac has been under the control of federal regulators since July 11, after a run on the bank significantly reduced its liquidity.
According to the filing, the bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors.
The Federal Deposit Insurance Corp. of Washington has estimated that the bank’s failure will cost $4 billion.
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