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August 1, 2008

Mortgage Lender IndyMac Files for Bankruptcy

Category: Mortgage News – admin – 9:39 am

Bloomberg’s Edward Evans just reported that IndyMac BancorpĀ  the second- largest independent home mortgage lender in the U.S.Ā filed for bankruptcy after a run by depositors left the California mortgage lender short on cash. Before IndyMac was forced to halt lending, was one of the rare lending giants who offered, “A-paper”, sub-prime, construction and FHA mortgage loans to people with a vraiety of credit profiles.Ā  IndyMac filed for bankruptcy today in a California court.Ā  They are seeking relief under Chapter 7 of Title 11 of the U.S. code, the Pasadena, California-based company said in a Securities and Exchange Commission filing.

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