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| Version 0 | Version 1 |
|---|---|
| IndyMac calls time on loan excess | IndyMac calls time on loan excess |
| (about 8 hours later) | |
| IndyMac Bancorp, one of the largest independent US mortgage lenders, is cutting 10% of its staff and focusing on safer loan prospects. | IndyMac Bancorp, one of the largest independent US mortgage lenders, is cutting 10% of its staff and focusing on safer loan prospects. |
| IndyMac chief executive Michael Perry admitted losses due to sub-prime loans to borrowers with poor credit history had induced "panic" in some areas. | IndyMac chief executive Michael Perry admitted losses due to sub-prime loans to borrowers with poor credit history had induced "panic" in some areas. |
| The business will shed 1,000 jobs and concentrate on higher-quality borrowers Mr Perry said. | The business will shed 1,000 jobs and concentrate on higher-quality borrowers Mr Perry said. |
| Four leading US lenders have now announced job cuts in just three days. | Four leading US lenders have now announced job cuts in just three days. |
| Redundancy epidemic | Redundancy epidemic |
| Countrywide Financial announced on Friday that it would be cutting up to 12,000 jobs, one-fifth of its workforce. | |
| With earlier cuts at Countrywide, as well as Lehman Brothers Holdings, National City and IndyMac the total amounts to 14,650 job losses this week. | |
| IndyMac is ceasing sub-prime loans unless these are eligible for purchase by US government-backed operations. | IndyMac is ceasing sub-prime loans unless these are eligible for purchase by US government-backed operations. |
| Mr Perry was frank about how lenders such as IndyMac had been lulled into a false sense of security. | Mr Perry was frank about how lenders such as IndyMac had been lulled into a false sense of security. |
| "Every lender made some mistakes in this credit cycle because the housing boom went on so long," he said. | "Every lender made some mistakes in this credit cycle because the housing boom went on so long," he said. |
| Lending volume at IndyMac is expected to halve within weeks. | Lending volume at IndyMac is expected to halve within weeks. |