Feds Sell Off Failed IndyMac For $13.9B

Federal regulators say a group of investors has teamed up to buy the remnants of failed lender IndyMac Bank for $13.9 billion.

The Federal Deposit Insurance Corp. said Friday that a holding company led by Steven Mnuchin, co-chief executive of private equity firm Dune Capital Management, agreed to buy IndyMac.

The investors have formed a seven-member consortium that includes Dell Inc. founder Michael Dell's investment firm.

Pasadena, California-based IndyMac has been run by the FDIC under the name IndyMac Federal Bank. It failed last July in the second-largest U.S. bank failure of 2008.