'New IndyMac' to continue loan mods

FDIC announces planned sale of failed bank

A group of investors who have agreed to put up $1.3 billion in cash to acquire IndyMac Bank are expected to continue an FDIC mortgage loan modification program that’s aimed at helping nearly 50,000 borrowers avoid foreclosure.

The FDIC said it will continue to share losses on loans made by IndyMac and provide secured financing to the new owners, who are expected acquire the failed bank’s $16 billion loan portfolio and $6.9 billion in securities in late January or early February.