Is Indy Mac shutting it down?

Last week, fueled by comments from Sen. Charles Schumer (D-NY), IndyMac mortgage experienced a run up in customer withdrawals to the tune of $100 million dollars. According to IndyMac, while this is increased activity, it amounts to only .05% of it's $19 billion in deposits.

NEWS ALERT

We have it on good authority that as of today, IndyMac is closing it's wholesale and retail loan origination business.

EXCERPT FROM INDYMAC EMPLOYEE EMAIL TODAY AT 2:15PM:

Indymac is curtailing most of our forward mortgage production activities by closing our wholesale and retail loan origination businesses. We are refocusing the company on (1) the reverse mortgage business through Financial Freedom, (2) loan servicing including loan production through the customer retention group and (3) retail branch banking. This action, while painful for everyone, is absolutely necessary for Indymac’s continued safety and soundness.

While we can't verify this this information, nor do we want to have any hand in disseminating false information, we here at Referral Real Estate believe it to be true.

Stay tune for updates.