Indymac Mortgage Holdings Inc

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 Bancorp Inc. will relocate its mortgage banking group within Pasadena as part of a reorganization tied to its just-completed acquisition of SGV Bancorp Inc. The company will move its Web-based mortgage banking operations early next year from IndyMac headquarters on North Lake Avenue to a three-story building at 300 N. Halstead St. near Foothill Boulevard.

IndyMac Mortgage Holdings Inc., a major provider of home loans, said Tuesday that it has agreed to purchase a San Gabriel Valley bank for $62.5 million as part of a plan to shed its status as a real estate investment trust. The Pasadena-based mortgage lender said that all of its $4.4 billion in assets will be folded into West Covina-based SGV Bancorp Inc., which would be renamed IndyMac. First Federal Savings & Loan Assn.

Amgen Inc., the world's largest biotechnology company, on Wednesday reported a one-third jump in its quarterly profit and set plans for a stock split and a $2-billion stock buyback. But the firm also warned of slower growth ahead. Thousand Oaks-based Amgen said earnings rose to $300 million, or 56 cents a diluted share, in the quarter ended Sept. 30, from $221 million, or 42 cents, a year ago.

Amgen Inc., the world's largest biotechnology company, on Wednesday reported a one-third jump in its quarterly profit and set plans for a stock split and a $2-billion stock buyback. But the firm also warned of slower growth ahead. Thousand Oaks-based Amgen said earnings rose to $300 million, or 56 cents a diluted share, in the quarter ended Sept. 30, from $221 million, or 42 cents, a year ago.

IndyMac Bancorp Inc. will relocate its mortgage banking group within Pasadena as part of a reorganization tied to its just-completed acquisition of SGV Bancorp Inc. The company will move its Web-based mortgage banking operations early next year from IndyMac headquarters on North Lake Avenue to a three-story building at 300 N. Halstead St. near Foothill Boulevard.

* Mortgage banker IndyMac Mortgage Holdings Inc. said its co-founder, Angelo Mozilo, has resigned as president and vice chairman to devote full attention to his role as chairman and chief executive of Calabasas-based Countrywide Credit Industries Inc. In a related announcement, IndyMac said Countrywide's president and founding chairman, David Loeb, is retiring. Loeb will remain IndyMac's chairman, the company said.

The days of easy money for many consumers with bad credit might be ending. In a sign that an emerging global credit crunch might soon affect more American consumers, companies that specialize in so-called sub-prime lending to people with blotched credit records--often via high-interest home equity loans--are quickly running out of money as banks and investors cut off their funds.

IndyMac Mortgage Holdings Inc., a major provider of home loans, said Tuesday that it has agreed to purchase a San Gabriel Valley bank for $62.5 million as part of a plan to shed its status as a real estate investment trust. The Pasadena-based mortgage lender said that all of its $4.4 billion in assets will be folded into West Covina-based SGV Bancorp Inc., which would be renamed IndyMac. First Federal Savings & Loan Assn.

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.