IndyMac Mortgage Lender Announces Focus on Prime Lending
According to the LA Times:
IndyMac Bancorp Inc., one of the country’s 10 largest mortgage lenders, outlined Tuesday a drastic strategic transformation in response to radical changes in the industry and said its loan volume would drop considerably as a result.
At the same time, however, the Pasadena-based savings and loan sent a signal that the market for “jumbo” mortgages — large loans that are especially common in California and other high-priced states — might be returning to normal.
As lenders continue to shy away from jumbo and sub prime lending, one looking to perhaps move up to a more expensive home could explore a home equity line of credit as a manageable means of accomplishing such. Nicer homes, particularly in urban areas of the nation, frequently sell for more than $400,000 and as a result, can be difficult to afford unless one is able to manage a fairly large down payment to reduce the loan required to purchase. Down payments are quite manageable if you hold a large sum of equity in a property.
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