IndyMac Bancorp, which runs one of Southern California's largest savings and loans, today said it is pondering selling through an initial public offering a 20 percent stake in a unit that provides reverse mortgages. The company said its board of directors authorized management to evaluate and plan for the potential sale of a minority economic stake of approximately 20 percent in IndyMac Bank's reverse mortgage subsidiary, Financial Freedom Senior Funding Corp. Pasadena, Calif.-based IndyMac said conducting an IPO for Financial Freedom will allow it to monetize its investment in the unit, foster growth, and eventually help support both companies' stock prices. Offsetting these benefits to a minor extent, the company said, is the additional time and expense of management overseeing a secon...
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