IndyMac out of residential mortgage business

[moh malekpour]

http://www.latimes.com/news/printedition/front/la-fi-indymac8-2008jul08,0,954496.story

IndyMac Bancorp, once a leader in the nontraditional home loans that helped drive the housing boom, all but quit the mortgage business Monday and said it would lay off 3,800 people, more than half its staff, in the wake of growing defaults by borrowers.

The Pasadena-based savings and loan became the latest in a series of major Southern California-based lenders that have been absorbed by other companies or have simply been forced to stop making home loans, often shutting down altogether.

Michael W. Perry, IndyMac CEOIndyMac said it would close nine regional loan offices, including four in California, that made loans through independent brokers -- its main business. It also plans to close about 150 retail offices in the West and Northeast that made loans directly to borrowers.

 

[Terrel L. Shields]

http://www.thestreet.com/story/10425190/1/tuesdays-winners-losers-indymac.html?puc=lhhome

The company pinned blame on recent negative comments from Sen. Charles Schumer (D., N.Y.), which caused a run on the bank

Even I don't blame Chuckie Cheeze for their problems...no matter how much I dislike his politics.

 

[Kevin Mc]

The company pinned blame on recent negative comments from Sen. Charles Schumer (D., N.Y.), which caused a run on the bank

While no fan of Sen. Schumer, because he stated the obvious things haven't worked out for them? ...I suppose he was responsible for all those IO, 80/20 and neg am loans they wrote. IMB needs to take responsibility for their own actions and stop the sham, no one buys it.