Property Types Retail
Prospect Proceeds in Buying IndyMac Mortgage Branches
July 22, 2008
By: Dees Stribling, Midwest Correspondent

Prospect Mortgage has decided to proceed with its acquisition of most of IndyMac's retail mortgage branches in a deal scheduled to close early next month.

All together, Northbrook, Ill.-based Prospect will buy about 80 Indymac loan offices nationwide. The deal is going to proceed as scheduled, and under the original terms, according to Prospect, despite the seizure of Indymac by the Office of Thrift Supervision earlier this month and the current conservatorship of Indymac by the Federal Deposit Insurance Corp.

John Johnston and Ron Bergum of Indymac will remain leaders of the retail branch group following the closing, and some 750 other Indymac personnel will move to Prospect. The deal was originally stuck not long before a run on the bank caused IndyMac to implode. In the first week of July, IndyMac said it was selling most of its retail mortgage branches in part to address regulators' concern that it was not well-capitalized.

Earlier this month, Prospect was reportedly in negotiations to buy Dallas-based homebuilder Centex's network of mortgage retail offices, but that deal apparently fell through.

Though relatively new--it was established in 2006--Prospect Mortgage is a sizable mortgage lender, focused on residential loans. Prospect is backed by Sterling Partners, a private equity fund based in Chicago and Baltimore.

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Recent Retail Headlines
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The Dow Jones index took something of a dive yesterday, possibly because of ill tidings from the likes of Time Warner and Intel, or the anticipation of bad job market numbers, or maybe because it was time to yo-yo back to roughly where the market started at the beginning of the year. In any case, the Dow was down 245.40 points, or 2.72 percent, while the S&P 500 lost 3 percent exactly and the Nasdaq lost 3.23 percent.
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Now that 2008 is mercifully behind the retail sector, the question of what should be on the radar for 2009 is front and center. Conversations with industry veterans and research suggest that consumer spending, the economic policies of the new president and Congress, and fallout from the holiday shopping season will shape the retail sector for at least the early part of the year.
Ken Riggs The Expert: Structural Shift on the Way
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Projections that fourth-quarter-2008 holiday retail sales would usher in despair not seen since the Great Depression had everyone on pins and needles. Although November reports indicated that seasonally-adjusted retail sales, excluding automobiles, were down slightly more than 4 percent from year-ago sales, recent figures from the International Council of Shopping Centers show December comparable store sales to have declined by only 1 to 1.8 percent. From some of the pre-December sales-report jitters, I would not have been surprised to see retail spending fall 10 percent as 2008 came to a close!
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