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IndyMac to Cut 1,000 Jobs

Lower production driving layoffs

September 7, 2007

By MortgageDaily.com staff

IndyMac Bancorp Inc. plans to eliminate another 1,000 jobs.

The Pasadena, Calif.-based company made the disclosure in an announcement today.

IndyMac, which reported $23 billion in second quarter originations, said it expects production to drop by around half in the fourth quarter as a result of its shift from primarily Alt-A business to conforming originations -- a segment that now represents 90 percent of its fundings.

"With production volumes coming down, we need to again take steps to right-size our organization and have announced internally our intentions to do so," the press release stated.

IndyMac said it will begin cutting back on employees through a voluntary severance program followed by forced layoffs. An estimated 1,000 employees -- about 10 percent of its current workforce -- will be let go over the next several months.

The workforce reduction comes on top of 400 mostly support employees laid off in July.

"One positive outcome of the mortgage market disruption is that we have taken advantage of the opportunity to build a retail lending group of almost 1,500 employees, where we had virtually no retail lending presence one year ago, and we have been able to do this without incurring the costs and investments of acquisitions," the company said.

IndyMac announced last week it had hired 600 former American Home Mortgage Investment Corp. retail lending employees and expected to hire as many as 250 more. Retail employees were also picked up from Charter Funding of Hawaii after the collapse of its parent, bankrupt First Magnus Financial Corp.

"In 1993, when I joined IndyMac, we had 4 employees, had no business and were losing money," Chairman and CEO Michael W. Perry said in the announcement -- adding that the firm successfully underwent major structural changes following the 1998 liquidity crisis. "While clearly the underlying fundamentals of the mortgage and housing markets are much tougher today than they were in 1993 ... I have every confidence that our performance for shareholders, once we complete this transition and the mortgage market stabilizes, will be no different than it has been in the past."

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