Pissed Consumer - Indy Mac Bank is DONE!

Home » Consumer Reviews » Mortgage » Indy Mac Bank is DONE!

Indy Mac Bank is DONE!

Jul 7, 2008

INDYMAC BANK review by Toms

From an email this morning:

"Indy Mac is closing TODAY. The entire Marlton NJ office is apparently being shut down and their other operations offices are closing. All wholesale operations are gone."

As this news rolls across the country, we will keep you updated on developments. One source says as many as 4,000 people will be laid off. It's early in the day, but an official announcement is expected within hours as to the extent of the shutdown.

7:45 am (PDT) - Bloomberg is showing trading halted.

Original Ailing/Watch Listing - 2008-06-30 (6:30pm EST): At 5:45 pm (EST), the following email was sent to customers of Indymac's commercial lending unit, Indymac Commercial Lending Corp.:

"ICLC, due to the current market and capital constraints has ceased lending operations as of 7/1/08.

A formal announcement from ICLC will be coming out tomorrow regarding details and loans in process."

An official notice was sent out shortly thereafter.

Referring to today's press release on The IMB Report, Indymac's company web site, an LA Times report refers to "a weekend that saw depositors line up at some of its San Gabriel Valley branches to pull their money, as they reacted to news reports questioning the company's survival."

Indymac's article responds with "while branch traffic is somewhat elevated this morning, it is substantially lower than on Saturday, and we are hopeful that this issue appropriately abates soon..."

Update - 2008-06-30: After the opening bell, Indymac Bancorp Inc. shares dipped to a morning low of $0.60. IndyMac was one of 12 stocks removed from the Russell 1000, moved to the small-cap Russell 2000 Index per Yahoo Finance.

More INDYMAC BANK Reviews

Discuss
INDYMAC BANK News

on our forums

Quote this article on your site | Views: 642

Comments (2)

1. Written by bluestar1219, on 13-07-2008 17:13

what the ***, no emails, no phone calls or letters in the mail *** this ***

Report

2. Written by rusty, on 11-07-2008 08:22

More bad news for IndyMac

IndyMac's offering of 2 year CD's which were scheduled to start 7/11/08 were abruptly cancelled by Vanguard (on 7/10/0

because the company (IndyMac's) financial condition would not allow them to offer FDIC coverage on the obligation (according to Vanguard). Offers to buy them were solicited approximately 10 days before the settlement date but buyers were only given 1 day notice of the cancellation. What Vanguard and IndyMac did was lock investors in a contract for 10 days and then walked away from the deal without any compensation for investors.

Information on Vanguards response to customers can be found on:

www.vinbreport.com

Report

Comments on Indy Mac Bank is DONE!
Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article.
Name:
Comment:

Code:* Code
I wish to be contacted by email regarding additional comments