Is IndyMac Bancorp Heading To Bankruptcy?
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The one thing with lending and financial companies is, once bad news comes out, it very often is terminal. IndyMac, one of the largest mortgage lenders, announced yesterday that they were not making any new housing loans going forward and cutting 3,800 of their 7,200 jobs.
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 Kalamazoo and Austin; 350 in our servicing retention group in Irvine and Kansas City; 800 at Financial Freedom, primarily in Irvine, Sacramento, and Atlanta; 400 in our Southern California retail and web bank; 500 in portfolio management and administration, largely in Pasadena; and 250 in discontinued businesses.
The company essentially is hitting lockdown mode hoping to ride out the worst of the storm. I wish them luck, it is going to be a very rocky road.
In a letter sent to shareholders, IndyMac Bancorp (IMB 0.71) stated it has not been successful with efforts to raise additional capital. Further, the company does not expect to be able to raise capital until there is more stability and less uncertainty in the housing and mortgage markets.
Based on information provided to regulators, the bank is no longer considered well capitalized. IndyMac has been asked to submit a new business plan for review and approval as a result. via Briefing.com
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
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Maybe it was kryptonite...
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I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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[...] you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!As IndyMac fights for their lives, Freddie Mac and Fannie Mae face the daunting challenge of raising new capital and a steep drop in [...]