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Largest Independent Mortgage Lender: We Can't Sell Assets, Can't Raise Money And We're Not Lending Anymore

Posted on July 07, 2008

Indymac, the nation's largest independent mortgage lender now that Countrywide has been swallowed by Bank of America, said today that its capital raising efforts have failed, there's not market for it's assets and it's not making new loans. Last week the company barely survived a mini-run l that saw depositors pull $100 million in deposits. Today the firm said it is no longer considered well-capitalized by regulators and will begin shrinking its assets. They have plans to layoff over half their workforce. Indymac Issues Stakeholder Letter [Yahoo]...

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