I had a feeling today that something was up when I noticed a search result that lead to my blog “IndyMac Layoffs July 2008″. It is always interesting to see how people get to my blog and sometimes very insightful. I made that same search and found nothing, but had a hunch something was up. Then I came across BlownMortgage post and links to the IndyMac blog with the announcement.

Dear Indymac Stakeholders:

In this very difficult and challenging environment, any of the actions that we take to keep Indymac safe and sound unfortunately have negative consequences to some important constituency. As we stated in our financial update on May 12, 2008, we have been working with our investment bankers to raise additional capital. To-date, we have not been successful with these efforts, and, while we will continue these efforts with our bankers and others, we don’t expect to be able to raise capital until there is more stability and less uncertainty in the housing and mortgage markets. While some shareholders may believe it is in their best interests that we not raise capital right now given the significant dilution that it would cause, there are consequences of not being able to raise more capital and, therefore, actions that we now must take.

Continue reading….

I think many of us in the lead industry may have seen this coming when IndyMac, a big lead buying machine, stopped buying leads and began working their internal leads only. One of the first thing that always seem to go first and be a strong indicator of health is the marketing department or the marketing budget.

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