According to Financial Week, Goldman Sachs is looking to assets of failed banks such as IndyMac to build its business as it converts to a bank holding company.  “We plan to build our banking business organically and by buying retail deposits and bank assets in the wholesale market, not through opening branches,” a Goldman Sachs spokesman said. “For example, the FDIC is selling IndyMac assets and those might be the sort of thing we’d be interested in looking at.”

Then late this afternoon, Berkshire Hathaway, the insurance-focused conglomerate run by Warren Buffett, agreed to invest at least $5 billion in Goldman Sachs Group Inc.  When you put a bank holding company together with one of the largest insurance companies in the country… buying a reverse mortgage lender makes a lot of sense.

Lets not forget that Goldman is already somewhat familiar with the reverse mortgage business.  Back when there was a secondary market, they were one of the biggest purchasers of HECMs. 

So what if Goldman purchased Financial Freedom from the FDIC and maybe picked up some of or all of their reverse mortgage portfolio?  Of all of IndyMac’s assets they are probably the most attractive and on top of it they would acquire the 2nd largest reverse mortgage lender in the country on the cheap.  This is now possible since they’re a bank and don’t have to worry about getting licensed in every state. 

This is a long shot but in this market you never know…

Goldman eyes IndyMac to build bank network (Investment News)