IndyMac: Significant Seizure Chatter - Is This the End? Finally!

My sources put Gov’t officials at IndyMac this weekend doing the deed. I am being told an announcement will come tomorrow first thing, that IndyMac is no more and at least their wholesale operation is gone effective immediately. Apparently wholesale operations will get pink slips, no new loans will be locked and all existing loans in the pipe must be closed by the end of July.

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If this rumor turns out to be true, I have to give a hat-tip to Mike Perry who managed the stock price to the very end by doing things such as: he and his CFO buying $1 mil stock each at $30 last year to stabalize the stock price; consistently missing earnings and guiding higher in upbeat conference calls; the many analogies regarding how ’safe’ Alt-A loans are and how they are much closer to Prime than subprime’. As a matter of fact in Q3 2007 he said ’Alt-A is between Prime and Subprime kind of like Pasadena is between LA and Riverside. We all know that Pasadena is much closer to LA than Riverside’.