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IndyMac May Sell Stake in Reverse Mortgage Servicer.
Pasadena, Ca -- IndyMac Bancorp's board of directors has authorized management to evaluate and plan for a potential sale of a minority stake in its reverse mortgage subsidiary, Financial Freedom Senior Funding, through an initial public offering.
As NMN reported last week, IndyMac chairman and CEO Michael Perry discussed the possible IPO during a conference call with analysts and investors after the company released first-quarter earnings.
IndyMac said it would consider selling "approximately 20%" of the ownership in Financial Freedom in an IPO.
Financial Freedom originated $1.1 billion in reverse mortgages and earned $8 million in the first quarter of 2006, up from $507 million in origination volume and $4.2 million in earnings for the first quarter of 2005.
IndyMac estimates that Financial Freedom's market share is 56% of the reverse mortgage origination sector and 53% of the reverse mortgage industry's ...
- Fitch Affirms Financial Freedom's Reverse Mortgage Servicer Rating at 'RPS3+'.
- Press release article from: Business Wire October 19, 2007 700+ words
...Ratings affirms Financial Freedom Senior Funding...Corporation's (Financial Freedom) primary specialty reverse mortgage servicer rating...rating for reverse mortgage product at...action reflects Financial Freedom's experienced...
- Fitch Upgrades Financial Freedom's Reverse Mortgage Servicer Rating.
- Press release article from: Business Wire August 13, 2008 700+ words
...Fitch Ratings has upgraded Financial Freedom Senior Funding Corporation's (Financial Freedom) residential primary specialty-reverse mortgage servicer rating as follows...the FDIC as conservator. Financial Freedom is a wholly owned subsidiary...
- Financial Freedom named new Ginnie Mae reverse-mortgage lender.(Briefing Book)
- Magazine article from: Mortgage Banking May 1, 2008 700+ words
...announced that reverse-mortgage lender Financial Freedom Senior Funding...will expand Financial Freedom's ability...safe, reliable reverse-mortgage products, noted...executive officer of Financial Freedom. "Increasing...
- Fitch Assigns 'RPS3+' Reverse Mortgage Servicer Rating To Financial Freedom.
- Press release article from: Business Wire August 29, 2006 700+ words
...Francisco, CA, Financial Freedom originates and services various reverse mortgage products through...wholesale channels. Financial Freedom's portfolio...advocate for the reverse mortgage product. Financial Freedom has structured...
- Financial Freedom Deal Raises Profile Of Reverse Mortgage Securitization.(Brief...
- Newspaper article from: Private Placement Letter Tempkin, Adam M. September 6, 1999 700+ words
...a U.S. reverse mortgage loan portfolio by Financial Freedom Senior Funding...transaction, Financial Freedom, an Irvine...HomeFirst reverse mortgage portfolio...president at Financial Freedom. "We have...in new [reverse mortgage] ...
- Financial Freedom launches fixed-rate HECM reverse mortgage.(Briefing...
- Magazine article from: Mortgage Banking November 1, 2007 700+ words
...introduction of Financial Freedom's HECM...closed-end reverse mortgage. Because...instrument, Financial Freedom's HECM Fixed...and largest reverse-mortgage lender in the country." Financial Freedom's HECM Fixed...
- IndyMac Changes Its Strategy in Its Approach to Reverse Mortgage Lender...
- Magazine article from: Origination News Finkelstein, Brad August 1, 2006 700+ words
...conflicts between Financial Freedom and IndyMac...grow our reverse mortgage business...an IPO, Financial Freedom would not...25% of Financial Freedom, retaining...share in the reverse mortgage lender in...
- IndyMac Bank Announces Agreement to Acquire Financial Freedom Holdings Inc.;...
- Press release article from: Business Wire May 5, 2004 700+ words
...per share in first year -- Financial Freedom is the recognized industry leader...largest market share in the reverse mortgage business in the U.S...Reverse mortgage loans produced by Financial Freedom in 2003 totaled $976 million...