IndyMac Sees Greater Profit Potential for Its Reverse Mortgage Line by Taking the Unit Public with an IPO
May 12, 2006
California-based lender IndyMac plans to raise capital to grow its reverse mortgage business through an initial public offering of stock. “We see the reverse mortgage business as one that demographically has enormous growth potential,” said Michael Perry, IndyMac chairman and CEO, explaining the rationale behind a planned spin-off of the company’s Financial Freedom unit. …