IndyMuck. Beleaguered cousin to Fannie and Freddie, IndyMac, is in trouble. A stakeholder letter issued by the mortgage giant (the US's second largest mortgage lender) after market close yesterday makes for grim reading: failed capital raising, heavy losses and crisis talks with federal banks. The only option open to Indymac is to cease doing business - making new loans - in order to try and shrink its liabilities and increase capital ratios.... ...
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