Posted by Craig/CA
(cnaylor) on July 10, 2008, 1:37 pm, in reply to "?? Not an accurate statement, according to IndyMac 7/7/08"
69.235.13.52
Since IndyMac is right here in my backyard, they have been front page news nearly daily for over a week.
While obviously the statement released by the bank you kindly attached is indisputable, I was going on the following statement quoted in the local paper Tuesday.
"IndyMac's absence from the fixed-rate loan market will be felt by families looking to buy a home"
Last weeks papers are gone now... but other quotes from the CEO stated they were leaving the fixed rate business, and the Alt-A business but would continue to offer Adjustable, and 5/1, 7/1 products, FHA & other government backed products.
Could be.... that those Adj & 5/1 ect products are the retention products to be offered, but no fixed rates....
and 1.) the reporter failed to include that detail or 2.) things are changing so fast, that announcements previously made have changed before the can go to print.
Or vice/versa... they have found backing to reverse the press release you quoted.
Either way... I suspect we have not heard the last of the changes coming down the pipeline, like todays announcement that they closed a deal selling 60 branches of their mortgage division to another company (pending government review).
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