IMB HoldCo., an investment group led by Steven Mnuchin, 45, a former Goldman Sachs executive and co-CEO of Dune Capital Management LLC., have finalized negotiations with the federal government to purchase the remaining assets of IndyMac Bank, the now failed California-based mortgage lender.

With the agreement, the Federal Deposit Insurance Corporation, the federal institution which took over IndyMac in the middle of the financial crisis, set a precedent, being the first bank in just under 20 years to be sold to a buyer outside the banking industry.

The transaction takes about $13.9 billion worth of liabilities off the government’s hands, but FDIC estimates that it will cost another $9 billion to establish and protect IndyMac again in the banking industry; an amount paid for from fees collected in the industry itself. FDIC insured the buyers against many of the assets, only requiring them to hold the risk for a smaller subset of the assets - a model of failed-bank-sellouts that the federal government has followed all through this crisis.

“The FDIC and IndyMac staff accomplished a tremendous amount of work in a short period of time to help thousands of struggling homeowners stay in their homes,” said the new CEO of IndyMac, and returning COO at the Federal Insurance Corporation.

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