Indymac Bank is closed for wholesale operations! Retail too.
"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. While the managers and employees in these units have worked incredibly hard, these units are not currently profitable due to the continuing erosion of the housing and mortgage markets. At the same time, these operations take up significant balance sheet capacity and "feed" growth in the servicing asset, an asset we need to shrink given its size relative to our existing capital."
This is not a good situation.
To get past this financial situation, we need Lenders, we need those lenders to be able to sell their mortgage pools.
Without qualified buyers, nothing can be bought, nothing can be sold. No liquidity - No progress.
Neighborhoods, and the prices for the homes in those neighborhoods will continue to decline until the cash buyer chooses to buy.
We need liquidity.
Google Finance: IMB
posted by Mike 
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Mike, How many does that make now? This is really killing the market and it's getting old real quick.
By the way, do you have a new number to reach Countrywide BoA's loss mit. department?
Wow, another one down. It is a really scary economy for Real Estate right now.
This really blows, Mike. I am generally indifferent to banks, but Indymac was one that I did not want to see go down this way. They were one of my first approvals back in my early years (late 90's). Never had a valuation issue with them, as strict as they were...
I'm also sorry to see them go. I thought their service, pricing and product mix were good. Oh well, I think we're almost done with the carnage. After all, there aren't too many players left!
Paul
Mike- Every week there seems to be a new one going down.
One of their recruiters kept calling me, I said to him, "have you seen your stock price recently?" His response was telling..."We are a great company with a horrible stock price, we are well capitalized!" I laughed outloud. When you are on the sinking ship, you have no option but drinking the Koolaid. There are going to be more and more, big and small, lenders going the way of the buffalo. It's said but an inevitable outcome.
What is strange to me is how WF is flying so well below the radar. They were the 2nd largest sub prime lender...I wouldn't be surprised to learn in the 2009 that there has been some funky accounting going on. WAMU still has funky accounting going on and no one seems to care except a couple of nerds at Bloomberg that have mentioned it a couple of times: they are counting CINA (capitalization from negative amortization) as earnings, Neg Am loans ballooning because borrowers are only making the minimum payment. No less than a third of the earnings each of the past 2 years is attributed to CINA.
Wachavia, Lehman, WAMU, M&T, and a whole host of regional banks are in big-@$$ trouble.
That is unfortunate to hear but I am not too surprised to hear it though... They are so hard to deal with and service is what sells with sales down everyone is fighting to stay a float......
Wow. That quote speaks volumes. It cuts right to the heart of the problems in this current market. And even better, it's written in a manner that will make the problems we're experiencing, understandable to the many people who just don't get it.
I just saw the local Countrywide office had a group of employees leave to go to a local bank. This further strengthens my resolve to stick with the local funding lenders. I have not seen the difficulties with them.