IndyMac Forming CRE Division

IndyMac Bank, Pasadena, Calif., is looking to get into commercial real estate lending by setting up a division within the company to lend on commercial property.The division will lend on commercial real estate nationwide, specializing in multifamily, office, industrial, and retail financing. A spokeswoman for IndyMac told MortgageWire that the company is hoping to take advantage of an increased demand for commercial lending services. Pat Jackson is the chief executive officer of the IndyMac commercial real estate group. Meanwhile, the bank's parent company, IndyMac Bancorp Inc., has issued a financial update aimed at clarifying its position as a prime and alternative-A mortgage lender with "minimal exposure" to subprime loans. The company said it has been "inappropriately categorized by many media sources as a subprime lender." IndyMac said only 3% of its $90 billion in mortgage loan production last year were subprime loans (based on the definition used by the Office of Thrift Supervision), and only 4.4% of its $156 billion portfolio of asset-backed securitizations are classified as subprime. The company can be found online at http://www.indymacbank.com.