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| Version 1 | Version 2 |
|---|---|
| IndyMac calls time on loan excess | IndyMac calls time on loan excess |
| (2 days 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 would 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 at Lehman Brothers Holdings, National City and IndyMac - more than 14,000 jobs have been lost in the sector this week. | |
| IndyMac will no longer offer sub-prime loans unless they 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. |