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Thursday, Mar 28, 2024

IndyMac to exit most home lending, slash 3,800 jobs

IndyMac Bancorp, once a leader in the nontraditional home loans that helped drive the housing boom, all but quit the mortgage business Monday and said it would lay off 3,800 people, more than half its staff, in the wake of growing defaults by borrowers. The Pasadena-based savings and loan became the latest in a series of major Southern California-based lenders that have been absorbed by other companies or have simply been forced to stop making home loans, often shutting down altogether. For the full story visit http://www.latimes.com/business/la-fi-indymac8-2008jul08,0,363264.story

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