First Big Casualty
July 7th, 2008 by 
reality
Indymac Bank, a top 10 S&L and one of the more aggressive California mortgage lenders, announced today that it would shut down most new lending and lay off more than half its staff of 7,200. Indymac has been unable to raise new capital to replace its losses.
I expect that there will be a dismal litany of such announcements. At some point in time, the bulls will realise that even the tech companies can’t make money without credit for consumers. But not today.
Posted in Debt, Fixed Income, Real Estate | 
July 7th, 2008 at 4:52 pm
Lovely for us IMB shareholders….