Michael Perry [CEO of IndyMac] called the markets for mortgage securities “panicked and illiquid” in a letter to employees Thursday.
He said the lender has “very strong liquidity, a good amount of excess capital,” and added that “there are no realistic scenarios that I can foresee that would impair IndyMac’s viability.”
He goes on to say that IndyMac, a large Alt-A lender, will continue to “widen its pricing and tighten product and underwriting guidelines to ensure that a much greater percentage of our production qualifies for sale.”
Quote above from August 2, 2007, TheStreet.com (IndyMac stock closed at $21.05 on August 2, 2007).
Update on July 14, 2008: IndyMac was shut down by federal regulators over the weekend.