IndyMac has announced that, effective yesterday, it
is closing both its wholesale and retail production channel and will no
longer accept any new mortgage loan submission or rate locks. It will
also reduce its workforce to around 3,200 from the
current level of 7,400. The bank will also, apparently, continue its
other retail banking operations.
The stock had reached $.71 cents Monday after trading as high as 31.32
in the last year and was delisted from NASDAQ.