, NY Times

Five years ago, after the mortgage market had imploded, a group of investors — including the billionaire hedge fund managers George Soros and John A. Paulson — banded together to create a new bank from the wreckage of the failed California lender IndyMac.

Now those investors are set for a big payday, thanks to the CIT Group, a lender that itself ran into trouble after the housing bust.

On Tuesday, CIT said it would acquire the bank that rose from IndyMac’s ashes — OneWest — paying $3.4 billion in cash and stock to its hedge fund and private equity owners.

The deal illustrates how casualties of the financial crisis have moved on, and even prospered.

Read more here

Write A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ready to get started?

Speak to a specialist at (888) 737-6344