IndyMac Bank Stops Mortgages

By John | Published: July 7, 2008

IndymacIndyMac Bancorp Inc, one of the largest U.S. mortgage lenders, said on Monday it will eliminate 3,800 jobs and stop making most home loans after regulators concluded it was no longer "well-capitalized.

The jobs lost reflect almost half of IndyMac’s workforce. The ripple effects of the subprime meltdown continue.

This latest development will have an impact on home loans in the Danville, San Ramon, Walnut Creek areas. IndyMac has had a very active group of mortgage professionals in the TriValley Area. The Realtors Marketing Association which meets every Thursday morning in San Ramon was always well-attended by IndyMac.

Additionally, IndyMac Bank and it’s staff were always very supportive of the RMA and the various charities and events associated with real estate activities in Alamo, Danville, and San Ramon.

We wish our friends and colleagues strength, perseverance and all the best. We will be watching these development closely.

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