FDIC FACES UP TO $10B WHACK ON INDYMAC LOANS

Despite the agreement to sell of the once-troubled bank last week to a group of private-equity investors for $1.6 billion, the FDIC may be facing up to $10 billion in previously-unknown liabilities linked to mortgages IndyMac has sold to Fannie Mae, The Post has learned.

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Andrew Grey, an FDIC spokesman, refused comment on how it got to the $8.5 billion-to-$9.4 billion cost for Indy's failure except to say, "That figure represents all cost we expect to take on."

Ely says that number is too low and the true cost of IndyMac's failure is yet to be known. "It will take at least three years-to-five years to figure out what this really cost the taxpayer," he said.

Another bone of contention is how much cash the FDIC is really getting for IndyMac. The agency claims the bank was sold for $13.9 billion. However, sources on the buy side told The Post, "The buyers are only putting in $1.6 billion of cash - $1.3 billion goes in the thrift bank with an additional $300 million going to the bank holding company. There is no debt taken on to do this deal and no third party financing."