A consortium comprised of New York investment firms J.C. Flowers & Co., Dune Capital Management and Paulson & Co. is set to acquire distressed IndyMac Bancorp, according to published reports.

The buyers will purchase the $32 billion-asset Pasadena, Calif.-based thrift from the Federal Deposit Insurance Corp., The New York Times reported on Monday. The FDIC has run IndyMac since July, when the bank succumbed to the mortgage market meltdown.

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