I knew this bank was going to go down soon. They are the only lender to require a $300 fee to consider a short sale offer. What a stupid procedure! The only outcome will be more bank foreclosures now. I guess they don’t care too much anymore.
D.C. Fawcett
www.RealEstateForeclosuresInvesting.com
Here are the Details:
IndyMac has announced that, effective yesterday, it is closing both its wholesale and retail production channel and will no longer accept any new mortgage loan submission or rate locks. It will also reduce its workforce to around 3,200 from the current level of 7,400. The bank will also, apparently, continue its other retail banking operations.
IndyMac Bankcorp, Inc is the holding company for IndyMac Bank, the 7th largest savings and loan and the 2nd largest independent mortgage lender in the nation. It claims to have financed the construction of over 70,000 new homes over the last five years but has consistently been listed among those financial institutions in serious trouble over the mortgage crises.
The stock had reached $.71 cents Monday after trading as high as 31.32 in the last year and was delisted from NASDAQ. There were no announcementS or news items on the Yahoo IndyMac website on Monday, but the company’s own website made the following statement:
“Given the continued downward trend in home prices and a resulting increase in our forecasted credit losses and the related downward trend in the pricing of all mortgage related assets in the capital markets, especially mortgage-backed securities where we have experienced significant rating agency downgrades this quarter, we expect our loss for the second quarter to be larger than Q108, but it is difficult at this time to be more precise given the significant uncertainty surrounding accounting estimates, fair value accounting and other accounting matters.
“… We have been working closely with our federal banking regulators with respect to the actions that they and we must take to meet our mutual goal of keeping Indymac safe and sound through this crisis period. In that respect, based on
“As a result of the above, we have made the difficult decision, effective
Unfortunately, the above actions will necessitate the reduction in our present workforce from approximately 7,200 to roughly 3,400 or so over the next couple of months, which should reduce our operating expenses by roughly 60%. We will retain about 1,100 employees in loan servicing in
The memo was signed by Michael W. Perry, CEO.”








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This is great info to know.
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