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IndyMac Bancorp Inc, Rumor of Retail/Wholesale Lending CLOSURE

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robert higgins

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Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
IndyMac Bancorp Inc, Rumor of Retail/Wholesale Lending CLOSURE

IndyMac Bancorp Inc
Trading Halted
http://www.bloomberg.com/apps/quote?ticker=IMB:US

IndyMac Bancorp - Wholesale/Retail
From an email this morning:
"Indy Mac is closing TODAY. The entire Marlton NJ office is apparently being shut down and their other operations offices are closing. All wholesale operations are gone."

http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html

Listed on Implode-O-Meter as imploded.
http://ml-implode.com/
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
Layoffs at Indymac, stopping loan production

http://theimbreport.com/

As a result of the above, we have made the difficult decision, effective July 7, 2008, that we will no longer accept any new loan submissions or rate locks in our retail and wholesale forward mortgage lending channels, except for our servicing retention channel. We plan to honor all of our existing rate-locked loans and will continue to fund these loans in the coming weeks.

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,
 

Jim Kliegl

Sophomore Member
Joined
May 20, 2004
Professional Status
Certified Residential Appraiser
State
California
Just got a call from one of their processors asking if I received an order from them today? HUH???? Can you say COD?
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
IndyMac: Regulators say lender isn't 'well capitalized'

http://www.marketwatch.com/News/Sto...DF-DD69-4913-B19A-948AAC3769AF}&siteid=yhoof2

IMB said late Monday that regulators have concluded that the lender isn't "well capitalized" after it failed to raise new capital. IndyMac is also barred from accepting new brokered deposits unless it gets a waiver from the Federal Deposit Insurance Corp., or FDIC. But the company said it's not certain a waiver will be granted. The company has agreed to a new business plan with regulators that involves improving its capital ratios. Without the ability to raise new capital, the company explained it will have to shrink its balance sheet. Asset sales are difficult right now, so the company will stop making new mortgage loans. It will also cut 3,800 jobs, bringing staff levels to roughly 3,400. Second-quarter losses may be larger than the first-quarter, the company also warned.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
Incredibly, with the all of the rumors flying, Indymac was up 4 cents during the day, to close at $.71.

But in after-hours trading, it is down to $.48, or off by 32%.

http://finance.yahoo.com/q?s=imb

I really hate to see a company like this go out of business, but it doesn't look good.

I see their new REOs listed here every week, and the losses that they are taking on their REOs is staggering - it's not unusual to see properties listed at half of their previous loan amounts from a few years ago.
 

Joyce Potts

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Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Any indictments forthcoming?
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Any indictments forthcoming?

You think someone might be??

Maybe Just maybe IF we can get up to the TRILLION in losses Just Maybe they'll start listening to the Appraisers that have been Screaming for ENFORCEMENT!!! FHA is the next to start taking some serious hits. I sent many notices to Indy Mac that some of the loans they were making here in Pinal County AZ were Bogus. All it got me was NO work from Indy Mac. Now they'll scream cause it took five Appraisals to hit the Sale Price of the home Tinajas. That is only one of many wait till they see the REAL Values of the loans they got out here . OH BOO HOOF!!!
 
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