Mortgage Blog

On Tuesday Indymac began dismantling most of its business amid heavy losses from mortgage defaults. IndyMac was one of the largest federally insured financial companies to fail and is now one of three (Countrywide and Bear Sterns) large banks to fall short of expectations in the ongoing subprime mortgage crises.

On Friday, Federal regulators stepped in and seized IndyMac It will reopen fully on Monday (July 14) as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision. They will also reduce its work force by 53% to about 3,400 and stop making most types of mortgage loans.

There have been 266 financial institutions that have gone out of business since the mortgage market crises. This is due to unethical practices and risky loans. We have been in the business for 20 years and are a HUD-approved lender (US Department of Housing and Urban Development) If you’re having a problem getting questions answered, help or qualified do not hesitate to call Ray Adams – Your Mortgage Geek.