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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. Falling home prices and rising delinquencies and foreclosures have reduced the value of IndyMac's mortgage-related assets, and the company hasn't been able to raise additional capital through investment banks, Perry said in a letter to shareholders. The "traditional way" to raise capital is "to sell assets and shrink the balance sheet," Perry said. Because there are no bid...