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IndyMac Mortgage to Post Loss, Fire 280

November 19, 1998|Bloomberg News

IndyMac Mortgage Holdings Inc. said it expects a fourth-quarter loss and that it will fire 19% of its staff after being hurt by declines in the mortgage-backed securities market. The Pasadena-based real estate investment trust, which provides mortgage financing for builders and developers and home improvement loans, said it will fire 280 people by year's end to cut costs. Although it said it doesn't know the size of its fourth-quarter loss, its first, it expects to be profitable for the year. IndyMac sold mortgage-related assets in the last few weeks to raise money, reduce debt and cut borrowing. It said it expects the value of its assets to decline further in the fourth quarter. IndyMac shares fell 44 cents to close at $9.94 on the New York Stock Exchange.

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