To quote a 1:00 pm email distributed by Grove Nichols, signed by M. Perry, getting out of the mortgage bussiness
...will necessitate the reduction in our present workforce from approximately 7,200 to roughly 3.400 or so over the next couple of months."
Indymac has announced they will no longer accept any new loan submissions or rate locks in either retail or wholesale, and are closing their "forward" mortgage business.
We will post more from this email shortly.
