IndyMac Bancorp Inc., the failed California mortgage lender whose bank was seized by regulators last month, filed for Chapter 7 protection in U.S. Bankruptcy Court in Los Angeles.

The holding company's bankruptcy filing was widely expected. It doesn't include IndyMac Federal Bank FSB, which is run by the Federal Deposit Insurance Corp. and is the successor to IndyMac's former banking unit. IndyMac Bank, the third-largest bank failure in U.S. history, was taken over by the FDIC last month after a run on the bank. IndyMac Federal Bank FSB said it isn't affected by the bankruptcy filing of IndyMac Bancorp.

IndyMac Bancorp listed assets of $50 million to $100 million and debts of $100 million to $500 million, which represent the company's holdings left after its banking assets were transferred to IndyMac Federal Bank -- the entity that is being run by the FDIC.

Under bankruptcy law, a Chapter 7 trustee will be appointed to take control of the holding company and begin the process of selling off the remaining assets for the benefit of creditors, which number less than 50. The company's board voted to put it into liquidation at a meeting last week, court papers said.

During the housing boom, IndyMac specialized in Alt-A loans, for which borrowers often had to produce little evidence of income or assets. It was the first major bank to shut its doors since the mortgage crisis erupted more than a year ago. IndyMac, based in Pasadena, Calif., stopped making new loans and announced layoffs of more than half of its 7,200 workers.

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