Bloomberg’s Edward Evans just reported that IndyMac Bancorp the second- largest independent home mortgage lender in the U.S. 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. IndyMac filed for bankruptcy today in a California court. 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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