Industry NewsMortgage

IndyMac halts lending, will cut half its workforce

Regulators say IndyMac short of capital
Published on Jul 7, 2008

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

IndyMac Bancorp Inc. announced Monday that it's no longer considered "well capitalized" by regulators, has stopped accepting new loan submissions or rate locks, and will lay off 3,800 employees -- about half of its workforce.

IndyMac Chairman and CEO Michael W. Perry promised the company will honor all existing rate-locked loans and will continue to fund the loans in coming weeks.

Comments