Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Michael Dell Part of Group Buying Busted IndyMac Bank
Michael Dell is going to try to turn a buck on the mortgage mess

Michael Dell is going to try to turn a buck on the mortgage mess. He’s part of a consortium of seven private equity investors that signed a letter of intent with the Federal Deposit Insurance Corporation (FDIC) on New Year’s Eve to buy the failed IndyMac Bank, one of the accursed entities that led the US economy down the primrose path of sub-prime loans.

In its day IndyMac was the second-largest publicly traded independent mortgage lender, making way only for its sister operation Countrywide Financial Corporation, and specialized in making home loans that didn't require borrowers to document their income or make much of a down payment.

IndyMac crashed and burned in a fatal run triggered by unpaid mortgages in July and after Washington Mutual went bust two months later became the fourth-largest bank failure in US history.

The consortium of private equity firms and hedge funds has agreed to pay $13.9 billion for what remains of the southern California bank and inject another $1.3 billion in cash into the property.

The FDIC, which has been running IndyMac since it failed, still expects to lose between $8.5 billion and $9.4 billion on the unusual deal; the agency prefers to sell busted banks to other banks not private investors but couldn't get a classic buyer.

In a statement the FDIC explained that "the current economic climate is challenging for selling assets" and that the consortium deal "was the least costly to the Deposit Insurance Fund (DIF) of all competing bids."

The consortium, called IMB Management Holdings LP, is buying IndyMac's 33 branches, which still have $6.5 billion in deposits, its $157.7 billion loan servicing business, which collects mortgage payments and distributes them to investors, its $23 billion loan and securities portfolio, and its successful reverse-mortgage operation, Financial Freedom.

In return for the FDIC agreeing to limit the consortium's potential losses, IMB has promised the agency that it will continue to try to salvage mortgages and avoid foreclosures generally by modifying the interest rate. FDIC used IndyMac to experiment with the program, which it wants to push nationwide.

The deal is expected to close by early February.

Besides Dell, whose contribution is coming out of his $10 billion MSD Capital investment firm, the consortium includes billionaire investor George Soros, J Christopher Flowers, who made a packet turning around the Long-Term Credit Bank of Japan, and John Paulson, who made $3.7 billion in 2007 betting the housing bubble would burst.

IMB is being led by former Goldman Sachs executive Steven Mnuchin, the co-CEO of Dune Capital Management. Terry Laughlin, who ran Merrill Lynch Bank & Trust and before that worked at Fleet Bank for 14 years, will be IndyMac's CEO.

By the way, the Washington Post said that the "Treasury Department's inspector general reported last week that a senior official of the Office of Thrift Supervision knowingly allowed IndyMac to conceal the depth of its financial problems only weeks before it failed by falsifying a key financial filing."

Thrifts have to have 65% of their lending in mortgages and consumer loans, making them highly vulnerable to the housing bust.

About Maureen O'Gara
Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

In order to post a comment you need to be registered and logged in.

Register | Sign-in

Reader Feedback: Page 1 of 1

Latest Cloud Developer Stories
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, th...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compli...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology sta...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE