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Indymac Says No Bids On Its Mortgage Loan Portfolio

Posted on July 07, 2008

Indymac has been notified that it is no longer considered a well capitalized bank . A Stakeholder Letter posted on Indymac's Corporate Blog describes the grim situation.As we stated in our financial update on May 12, 2008, we have been working with our investment bankers to raise additional capital. To-date, we have not been successful with these efforts, and, while we will continue these efforts with our bankers and others, we don t expect to be able to raise capital until there is more stability and less uncertainty in the housing and mortgage markets. My Translation: Don't expect mirac...

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