IndyMac MBS, Inc.

A subsidiary of Bermuda-domiciled Syncora Holdings Ltd., formerly Security Capital Assurance Ltd., is on the hook for $331 million regarding a financial guaranty policy issued to the recently-collapsed IndyMac Bank.Details are contained in a complaint that was filed by XL Capital Assurance, Inc., now called Syncora Guarantee, Inc., at the U. S. District Court for the Southern District of New York on June 27, 2008. IndyMac Bank FSB was later replaced as the sole defendant by the Federal Deposit Insurance Corporation after the latter was appointed conservator of the bank on July 11, 2008.