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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top