Now it's IndyMac on the ropes. This just in from MSN about the company cutting 3,800 jobs and almost entirely shutting down its mortgage lending.
A letter to investors posted today on its corporate blog is here.
The company ranked 12th in lending in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties from mid-2005 to mid-2007, according to DataQuick Information Systems. It originated more than 5,000 loans in the region during that time - when some of the riskiest lending was done.
Just days ago the Center for Responsible Lending sent out a report on IndyMac, which you'll find access to here. The center's report, which alleges a pattern of "unsound" lending, is titled "IndyMac: What Went Wrong?"
IndyMac called the report a "hit piece" and "shoddy journalism."
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